HFF secures $25 million refinancing for DoubleTree Suites by Hilton Hotel Minneapolis
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $25 million refinancing for the DoubleTree Suites by Hilton Hotel Minneapolis, a 229-key, full-service hotel in downtown Minneapolis, Minnesota.
HFF worked on behalf of the borrower, Wheelock Street Capital L.L.C, to secure the three-year, floating-rate loan with two optional one-year extensions through BBVA Compass Bank. Loan proceeds will be used to refinance a loan, which was assumed by the borrower upon its acquisition of the property in 2012.
The 12-story DoubleTree Suites by Hilton Hotel Minneapolis is an all-suite hotel located in the heart of downtown Minneapolis at 1101 LaSalle Avenue. The hotel is within walking distance of the Minnesota Convention Center, Orpheum Theatre, University of St. Thomas – Minneapolis and the Loring Greenway, and is across the street from Target’s corporate headquarters. Renovated in 2013, the 150,752-square-foot hotel has 229 suites averaging 446 square feet. The hotel features 1,162 square feet of meeting space, a second-floor merchandising suite, parking garage, 24-hour business and fitness centers, in-house Starbucks and Lot 57, a full-service restaurant and lounge.
The HFF debt placement team representing the borrower was led by managing director Steven Klein and real estate analyst Sam Nidenberg.
”Since acquiring the asset in 2012, Wheelock created tremendous value through its hands on approach to asset management,” Klein said. “BBVA Compass provided an attractive and flexible loan, which enabled the borrower to continue to execute its business plan and enhance the asset.”
About Wheelock Street Capital L.L.C
Wheelock Street Capital L.L.C. (Wheelock) is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul and headquartered in Greenwich, Connecticut, and Boston, Massachusetts. Wheelock focuses on real estate investments throughout North America and will invest in both public and private market opportunities and in all parts of the capital structure. The firm is a trustworthy source of capital for borrowers seeking to recapitalize overleveraged properties and portfolios. Its capital funding gives the company the flexibility to pursue investment opportunities of all sizes, from single assets to corporate or portfolio investments of over $1 billion. Backed by established institutional capital, Wheelock has raised four funds to-date, the latest of which closed in April of 2014 with $625 million in capital commitments. Learn more at www.wheelockst.com.
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.