JLL secures $167.7 Million refinancing for 15-property WoodSpring Suites portfolio
United States, Jan. 13 -- JLL's Hotels & Hospitality Group announced it has arranged $167.7 million in refinancing for a 15-property WoodSpring Suites portfolio totaling 1,829 keys across Michigan, Tennessee, North Carolina and Florida.JLL worked on behalf of the borrower, a partnership between Whitman Peterson and affiliates of Concord Hospitality Enterprises Company, to secure a floating-rate, five-year loan through CIM Group. The financing includes $117.7 million in initial funding with an additional $50 million available for earn-out opportunities and asset additions.The newly constructed extended-stay properties, all opened within the past two to five years, are strategically positioned in high-performing markets spanning Jacksonville,...
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