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Brokerage
Posted: September 19, 2017
Outside the Region: AFC Realty Capital secures $15 million bridge financing for hotel
Bloomingdale, IL AFC Realty Capital has secured a $15 million loan for the 275-room DoubleTree. The property will complete a $5 million renovation. The sponsor is First Hospitality Group.
According to Arthur Fefferman, CEO of AFC, “The financing was particularly challenging given the repositioning of the property from a resort conference center, involving the spin-off of the 190-acre golf course, to a full-service business oriented DoubleTree Hotel.”
The $15 bridge financing was provided by a national mortgage fund which provided the needed flexibility for the property’s transition.
AFC Realty Capital is a premier real estate investment banking and advisory firm to the hospitality industry providing debt, equity, mezzanine and equity / joint venture capital. AFC, based in New York City, has a longstanding successful track record having completed transactions in excess of $7 billion.
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