Published on : Saturday, April 4, 2020
Leading direct lender and specialty finance company, Access Point Financial LLC (APF), exclusively involved with the hospitality industry announced the completion of an agreement with Lodging Opportunity Fund REIT (LOF REIT) to refinance the Delta by Marriott in Green Bay Wisconsin.
Access Point Financial joined hands with LOF REIT and secured a $9.2 million loan on the property. APF was selected by LOF REIT as its lending partner because the company is spontaneous when working with a limited time budget. APF has flexible terms and provides proper certainty that the transaction would close within the required timeframe.
The Delta Hotel by Marriott was acquired by Lodging Opportunity Fund REIT in 2017 as a Ramada property. Later, the hotel went through an extensive renovation to rebrand as a Marriott hotel. The property opened to visitors as the Delta by Marriott Green Bay on February 14, 2019.
National Hospitality Services with its experienced and talented team of hospitality professionals were given the responsibility of managing the property. Irrespective of the economic challenges faced by the country, National Hospitality Services were able to put necessary plans in action to see near and long-term benefits for the hotel.
APF was allotted a period of 15 days to underwrite, approve and fund the loan with an impending loan maturity scheduled late March. The loan was being underwritten and approved simultaneously as the United States was getting highly affected by the coronavirus pandemic. The COVID-19 crisis resulted in global travel restrictions and social distancing policies enforced across the country. These conditions directly impacted the hotel and hospitality industry.
Lori Tirado, Managing Director, APF said in a press statement that the hotel has been a staple in its market ever since the rebrand. She mentioned that the company is honored to work with Lodging Opportunity to fund the Delta hotel. She added that despite the unprecedented conditions caused by the COVID-19 pandemic, the project was successfully delivered as APF had confidence in LOF REIT and industry experience.
Norman Leslie, President, and CIO, LOF REIT further added that the company was extremely impressed with APF’s evaluation process and key interest in meeting LOF’s timeline on their debut experience with the organisation. He mentioned that APF’s team was professional, constructive and performed as a true financial partner.