BY EMILY FU
A joint venture between Taconic Capital Advisors, Triangle Capital Group and Pyramid Hotel Group has landed a $59.9 million floating loan for two hotels located in Denver, Commercial Observer has learned. Prime Finance provided the floating-rate loan.
“Our goal in every transaction is to provide our clients with creative solutions,” said Paul Oliveri, managing director of Prime Finance. “As a lender, we like the strategic location of the portfolio, high-quality sponsorship with serious roots in the submarket and look forward to seeing them execute on their business plan.”
Walker & Dunlop‘s Adam Schwartz, Jon Schwartz, Keith Kurland, Michael Diaz and Michael Ianno brokered the deal.
“We were thrilled to close this transaction for a top-tier sponsorship team in Taconic, Triangle and Pyramid,” said Schwartz. “We look forward to watching them execute their business plan and thank Prime Finance for another smooth and successful closing,”, a senior managing director and co-head of NY capital markets at W&D.
The two assets, DoubleTree Denver Hotel and DoubleTree Denver Central Park, located at 3203 Quebec Street and 4040 Quebec Street, respectively, are within a 1-mile radius of each other. DoubleTree Denver is located right across from United Airlines‘ recently upgraded pilot training facility.
The sponsors plan to implement various capital improvements while instituting a hotel manager from Pyramid Hotels Group to manage each asset.
Taconic Capital Advisors, Triangle Capital Group and Pyramid Hotel Group did not immediately respond to requests for comment.