Machine Investment Group, a real estate investment platform based in New York focusing on opportunistic, distressed and special situations investments across the U.S, has revealed a $208 million recapitalization of a hospitality portfolio located in Hollywood, CA.
The under-construction luxury lifestyle properties include Thompson and tommie branded hotels, in addition to event and food & beverage spaces in the Citizen News Building. The $208 million whole loan recasts the previous senior mortgage held by Calmwater Capital as a $136 million A-note and incorporates a $72 million B-note originated by Machine. The B-note was provided by a joint venture sponsored by affiliates of Machine Investment Group and Taconic Capital. The package provides new funding for the sponsor, Relevant Group, to complete construction of the two hotels by this summer.
“We’re pleased to deliver a financing solution to see these properties through to completion,” said Eric Rosenthal, managing partner, Machine. “We were able to move quickly after sourcing this transaction off-market, collaborating with the sponsor and existing lender toward a recapitalization that works well for all parties.”
Located at the intersection of North Wilcox and Selma Ave., the 190-key Thompson Hollywood Hotel and the 212-key tommie Hollywood hotel will feature a combined 30,000 sq. ft. of F&B space including two rooftop bars with unobstructed views of the Hollywood Hills. The Hollywood Citizen News Building will feature an additional 45,000 sq. ft. of dining and event space. These properties neighbor the 178-key Dream Hollywood.
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April 26, 2021 at 09:24PM
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Machine recapitalizes Hollywood portfolio with $208M loan - Hotel Business
"Hollywood" - Google News
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