October 19, 2016
CBRE Hotels arranged a $56-million loan to refinance the 429-room Sheraton Fort Worth Hotel, located in downtown Fort Worth, TX. The loan was secured on behalf of borrower Presidio Cos., with Macquarie Group serving as senior lender, and Torchlight Investors ponying up the mezzanine debt, which totaled $21 million. Marc Sallette and Olga Lepow with CBRE Hotels’ Debt & Structured Finance secured the financing.
Sheraton Fort Worth is at 1701 Commerce St., close to the Fort Worth Convention Center. Presidio acquired the asset in 2013, approximately one year after losing it to lenders. At the time, Presidio spent $58 million to re-buy the asset, which included a $4 million property improvement program required by Sheraton.
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