HFF secures $10.35 million refinancing for Holiday Inn Dallas Market Center
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $10.35 million refinancing for Holiday Inn Dallas Market Center, a 200-room, full-service hotel in the Dallas Market Center in Dallas, Texas.
HFF worked on behalf of the borrower, a partnership between Tom Corcoran and Prism Hotels & Resorts, to place the three-year, floating-rate loan with two one-year extensions with Realty Finance Trust through its regional office in Dallas. Loan proceeds will be used to retire existing financing and free up capital for upgrades to the property.
The Holiday Inn Dallas Market Center is located at 4500 Harry Hines Boulevard in north central Dallas proximate to the 110-acre Dallas Market Center which, at more than 5.5 million square feet is the largest wholesale market center in the world, and the Dallas Medical District, which spans six million square feet and includes University of Texas Southwestern Medical Center, Parkland Hospital, Children’s Hospital and Texas Woman’s University. Holiday Inn Dallas Market Center underwent extensive renovations in 2007 and 2008 when it was converted into a Holiday Inn hotel and will continue to be updated in the coming months and years. The hotel features a health and fitness center, outdoor pool, business center, 1,258 square feet of meeting space, and a sports bar and restaurant, which serves breakfast, lunch and dinner.
The HFF debt placement team representing the borrower was led by associate director Michael Cosby and managing directors John Bourret and Daniel O’Donnell.
About Prism Hotels & Resorts
Dallas-based Prism Hotels & Resorts (Prism) is one of the fastest growing full-service hotel investment, management and development companies in the United States. The company currently manages more than 35 hotels for multiple owners including urban, suburban and resort destinations. Prism is approved to manage all major brands, as well as having extensive experience with independent destination hotels. For more information, please visit www.prismhotels.com.
About Realty Finance Trust
New York-headquartered Realty Finance Trust (RFT) is a fast-growing mortgage real estate investment trust, which seeks to acquire, originate and manage a diversified portfolio of commercial real estate debt investments secured by income-producing properties located throughout the United States. RFT originates its senior and mezzanine debt products through its New York headquarters and its regional offices located in Chicago, Los Angeles and Dallas. For more information, please visit www.realtyfinancetrust.com to learn more of the diversity and breadth of its portfolio and the financing options available to its clients.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.