BETHESDA, MD-Locally-based Pebblebrook HotelTrust and its JV partner Denihan HospitalityGroup, have secured a $410 million loanthat is interest only and non-resource with a 3.67% interestrate.
The loan has a term of five years and is secured by a firstmortgage on the Affinia Manhattan, Affinia Shelburne,Affinia 50, Affinia Gardens and TheBenjamin—hotels in New York that in total comprise 1,491guest rooms. Proceeds will be used to fully pay off the existingmortgage on these properties—dubbed the Manhattan Collection -- andfor general business purposes.
The new financing, not surprisingly considering the low interestrate environment, has more favorable terms and significantly lowerrisk.
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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.
