Stonehill originates $79.8 million loan for Churchwick Partners - 0 views
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asianhospitality on 09 Jul 22COMMERCIAL REAL ESTATE direct lender Stonehill recently originated a $79.8 million, three-year, floating-rate bridge loan for New York-based Churchwick Partners for the acquisition of a 12-property, extended-stay hotel portfolio. The deal was premised on the strong performance by extended-stay hotels even during the pandemic. Stonehill is an affiliate of Peachtree Hotel Group, led by Jatin Desai and Mitul Patel as managing principals. The deal includes 1,432 rooms in nine states, mostly Sonesta Hotels brands. "Our sponsors benefit from experienced real estate lenders able to originate and close complex transactions," said Nick Baer, Stonehill's vice president for business development. "With funding options from traditional lenders limited for hotels and other commercial real estate properties, we are pleased to provide Churchwick Partners with the lending solution, financial capacity and hospitality expertise to close this transaction in a challenging capital market environment."