June 18, 2020
New York-based Meridian Capital Group arranged the $19.75 million note sale for an extended stay hotel with an unpaid loan balance of $19.75 million on behalf of a hotel owner and operator based in the South. An unnamed national debt fund lender sold the note.
Located outside of Palm Springs, CA, the property, a newly-constructed extended- stay hotel, was in ramp-up, but due to multiple factors including the onset of COVID-19, failed to hit its projected stabilization. Meridian was approached by a key debt fund relationship to selectively market the note and subsequently placed the deal, which closed just four days after the purchase and sale agreement was signed.
Meridian’s Ronnie Levine, Drew Anderman, Joshua Berman and Ben Nevid placed and negotiated the transaction.
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