Phoenix, Ariz. – Berkadia today announced the $78 million financing for six hotel properties in a portfolio of eight total hotel properties. Director Adrienne Kautzman of the Phoenix office secured the acquisition bridge loan through Ares Commercial Real Estate Corporation (NYSE:ACRE). The borrower was a partnership led by PEG Companies, and the deal closed on September 7.
“PEG’s investment thesis coupled with our deep lending relationships and knowledge of the hospitality space allowed us to facilitate flexible and competitive financing on these six hotels to provide various exit strategies for the PEG team,” said Kautzman.
The properties include Residence Inn by Marriott and Courtyard by Marriott hotels located in St. Petersburg, Florida; Sacramento, California; Santa Fe, New Mexico; Charlotte, North Carolina; Phoenix and St. Louis, for a total of 828 hotel rooms.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management, L.P. (NYSE:ARES), a publicly traded, leading global alternative asset manager with approximately $121.4 billion of assets under management as of June 30, 2018. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.