Natixis Real Estate Capital has provided $66m to Manhattan-based Bauhouse Group for the purchase of three NYLO full service boutique hotel properties in Irving, Plano,(both in Texas) and Warwick, Rhode Island.
Natixis originated a $54m senior loan and sourced Lowe Enterprises, a hotel operator, investor, and manager, to provide about $12m of mezzanine financing.
Natixis lent $20.9m for the NYLO Las Colinas in Irving, Texas, located at 1001 West Royal Lane. The 200-unit property, built in 2009, is spread across 6.7 acres. Lowe provided $4.9m of mezzanine financing.
Natixis has also provided Joseph Beninati-led Bauhouse with $20.5m for the purchase of a NYLO Warwick at 303 Greenwich Avenue in Warwick, Rhode Island. Lowe provided $4.5m of mezzanine financing. The 163-room, five-story property by the Pawtuxet River was built in 2008 and then renovated in 2011.
The third loan of $12.6m backs the NYLO Plano in Plano, Texas, at 8201 Preston Road. Lowe provided a $2.8m mezzanine loan. The property, spread over 4 acres, was constructed in 2007 and has 176 loft-style accommodations.
“Proceeds from the financing will fund both the acquisition of and improvements to the properties, which should make these assets more attractive and known in their respective markets,” Natixis said in a statement.
Natixis Real Estate Capital is the direct lending arm of French banking giant Groupe BPCE.