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FORT WORTH-New York City-based Terra Capital Partners closed a three-year, $8.8 million mezzanine loan as part of multi-level financing for the Presidio Cos.’ purchase of the Fort Worth Sheraton Hotel & Spa, a 431-room full-service downtown hotel minutes from the city’s convention center. Presido acquired the hotel, at 1701 Commerce, from bankruptcy this past summer.

“This was a very complex deal,” says Bruce Batkin, president and CEO of Terra Capital. “The hotel had been operating in bankruptcy and was facing imminent foreclosure.  Our financing was part of a $58 million capital stack that enabled the borrower to acquire the hotel out of bankruptcy through a section 363 sale.”

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