The Renaissance Dallas at Plano Legacy West is located at 6007 Legacy Dr. in Plano, TX.

PLANO, TX—Three 10-year first mortgage loans totaling more than $130 million have been funded by 3650 REIT to refinance properties occupied by major hospitality brands. These loans include $90 million to sponsors Sam and Daniel Moon for the Renaissance Dallas at Plano Legacy West located at 6007 Legacy Dr. in Plano, TX; $20.5 million to sponsor David J. Kenny for the Courtyard by Marriott Lake George located at 365 Canada St. in Lake George, NY; and $20 million to sponsor Naman Hotels for the Hilton Garden Inn Charlotte Waverly located at 7415 Waverly Walk Ave. in Charlotte.

“Our three recent hospitality loans will ensure enhanced and prolonged value for these strong, flagship institutions, whose hotels are well-positioned to serve prime business and leisure markets across the United States,” said 3650 REIT co-founder and managing partner Toby Cobb. “These loans reflect the substantial progress we have made throughout 2019. Not only have we facilitated a healthy pipeline of opportunities, but at the end of the second quarter, our 2019 originations have already surpassed the $600 million milestone. By focusing on the perspective of high-quality sponsors, we have proven that our differentiated business model is aligned with the needs of the borrower community.”

The Renaissance Dallas at Plano was built in 2017 and is centrally located in the Legacy West development, which includes 600,000-plus square feet of retail and office space as well as more than 1,000 residential units. The property was developed simultaneously with the rest of Legacy West and has recorded significant demand, attracting retail brands such as Coach, West Elm, Starbucks Reserve and Tesla, and office tenants including Toyota Motor North America, Liberty Mutual Insurance, JP Morgan Chase & Co. and NTT Data.