Plymouth Meeting Hampton Inn Secures $14M Refi Deal
Commercial real estate finance and investment firm Virtua Credit reports that it facilitated a $14-million bridge loan for the hotel that was built in 1999 and renovated in 2017.
PLYMOUTH MEETING, PA—The ownership of the 136-room Hampton Inn by Hilton here has secured bridge financing to pay off existing debt on the property.
Commercial real estate finance and investment firm Virtua Credit reports that it facilitated a $14-million bridge loan for the hotel that was built in 1999 and renovated in 2017.
Officials with Newport, CA-based Virtua Credit state that loan will be used to pay off existing debt from a matured bridge loan for the five-story hotel that totals nearly 62,000 square feet.
“We are very pleased with the result of this refinance,” says Ethan Schelin, president of Virtua Credit. “We were able to eliminate a profit participation element from the old loan and replace it with cheaper debt. We feel our investors are now in a better place to realize the upside from the recent property improvement plan completed at the project.”
“The new lender was able to close quickly and retire the old loan, which was key,” adds Max Richley, analyst at Virtua Credit. “We feel there is untapped potential with this hotel and we are excited to see what the new manager, Hotel Equities, can do with it.”
The hotel’s property amenities include an outdoor pool, fitness room, laundry center, meeting spaces and 204 parking spaces.
In addition to the Hampton Inn refinancing, Virtua Credit recently arranged financing for limited-service hotel deals at properties including Fairfield Inn & Suites in Colorado Springs, Colorado and SpringHill Suites by Marriott in Avondale, Arizona.
Virtua Credit is a commercial real estate advisory and investment firm that arranges capital for institutional real estate assets and also invests nationwide from the Virtua Partners series of private equity funds and offerings.