The Macquarie Group and Torchlight Investors have provided a $56 million refinancing to Presidio Companies on the 429-room Sheraton Forth Worth Hotel in Fort Worth, Texas.
Macquarie provided a three-year floating rate senior loan, while Torchlight provided a three-year, fixed rate mezzanine loan. CBRE arranged the financing on behalf of the borrower.
Marc Sallette, SVP at CBRE’s Hotels Debt & Structured Finance team in Houston, said in a statement that the team ran into difficulty identifying a new lender willing to fund the entire loan after the original lender fell through, so instead secured two separate lenders.
The Sheraton Fort Worth is located at 1701 Commerce Street near the Fort Worth Convention Center. Sacramento-based Presidio Companies reportedly purchased the property in July 2013 for $49 million. The hotel was built in 1974 as a Hilton Inn, and includes one 10-story and one 12-story tower.
Macquarie is an Australian asset management company that had a lending loan portfolio of $9.5 billion as of Q2 of this year, according to its latest quarterly report.
Torchlight Investors has acquired over $20 billion in public and private commercial real estate investments since its inception in 1995, providing mezzanine loans with up to 95 percent loan-to-values (LTVs), according to its website. The lenders and borrower did not respond to requests for comment in time for publication.