Franklin BSP Realty Trust has announced the closing of a $120 million loan facilitating the refinancing of a portfolio of 12 limited-service hotels located in California (seven), Connecticut (three) and New Jersey (two). The portfolio totals 1,313 hotel rooms spread across six different hotel chains, including Residence Inn and Hilton Garden Inn. Driftwood Capital, a specialty hospitality capital provider, provided a co-terminus mezzanine loan for $20 million at closing, for a combined loan of $140 million.
Ten of the 12 assets recently received significant renovations, and the remaining two assets are completing renovations imminently. The borrower was represented by JLL and represents the sixth transaction where FBRT and Driftwood have provided a senior/mezzanine loan structure together.
“We have had an excellent relationship with both Driftwood and JLL over the years,” said Michael Comparato, head of commercial real estate at Benefit Street Partners, Franklin BS
