MORGANTOWN, WV—Stonebridge Cos. has acquired the 205-key Waterfront Place Hotel here. The seller was Milan Puskar Revocable Trust, which was advised by HREC Investment Advisors' Mike Cahill, Monty Levy and Ketan Patel, and Alan Tantleff of FTI Consulting.
Waterfront Place is located next to an office building that is integrated into a convention center that features 30,000 square feet of event space. Structuring the deal was complicated, Patel says in a prepared statement, "given the condominium structure of the asset and its mixed-use nature."
One draw for the buyer is Morgantown's demographics. It is a university-based locale home to the over 30,000 students attending the West Virginia University. Another recent transaction in this submarket revolved around these demographics when locally-based University Park at Evansdale LLC, a public private partnership, secured $112.5 million from AIG Commercial Asset Finance to build a 425,000-square foot, 1,300-bed on-campus student housing complex at the university.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
