AUSTIN--Berkadia recently originated $17.5 million in financing for the Holiday Inn Austin Midtown, a hotel centrally located in Austin.
Senior managing director Stuart Wernick and senior director Eli Gershenson of the Dallas office secured the financing with a senior and mezzanine structure.
The borrower, a partnership of Alliance Development and Compass Lodging Advisors, used the five-year, fixed-rate financing towards acquiring the recently renovated full-service hotel.
Located at 6000 Middle Fiskville Road, Holiday Inn Austin Midtown is nine stories and includes 189 rooms as well as 15,000 square feet of meeting and conference room space. Hotel amenities include a pool, fitness center, business center and cocktail bar.
"The hotel is located adjacent to what used to be Highland Mall, which had been in decline over the past several years," says Wernick. "However, the mall was recently acquired by Austin Community College and now is being redeveloped into its flagship campus which will have an enrollment of over 7,500 students this upcoming year. The economic generator of the school, as well as the greater Highland Mall redevelopment, was an extremely attractive factor for the borrower's acquisition of the property."
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