Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, announced today that it has arranged $52.5 million in hotel financing which includes the acquisition of a corporate-owned Motel 6 hotel portfolio.
The properties have a total of 606-keys and are located at 195 E Tropicana Avenue, 5085 Dean Martin Drive, and 4125 Boulder Highway in Las Vegas.
The financing includes a one-year, $43.5 million floating-rate, nonrecourse loan, with full-term interest only payments, which represents a 75% LTV. New York-based Stabilis Capital Management was the lender that provided the senior loan of this acquisition. The borrower is a private investor.
BBCP separately arranged a one-year, $9 million fixed-rate mezzanine loan provided by Boca Raton-based Monolith Debt Strategies.
“The properties are prime locations in Las Vegas including one being located by the corner of the strip,” Black Bear Capital Partner’s Senior Managing Director Suraj Desai said. “Corporate owned hotel assets are always a great purchasing opportunity for experienced hotel owner operators.”