A partnership between Whitman Peterson and affiliates of Concord Hospitality Enterprises Co. secured $167.7 million in refinancing for a 15-property WoodSpring Suites portfolio totaling 1,829 keys across Michigan, Tennessee, North Carolina and Florida.
JLL worked on behalf of the borrower to secure a floating-rate, five-year loan through CIM Group. The financing includes $117.7 million in initial funding with an additional $50 million available for earn-out opportunities and asset additions.
The newly constructed extended-stay properties, all opened within the past two to five years, are strategically positioned in high-performing markets spanning Jacksonville, Fla.; Charlotte and Raleigh-Durham, N.C.; Detroit and Grand Rapids, Mich.; and Nashville and Knoxville, Tenn.
The portfolio showcases the robust performance characteristics that define the WoodSpring Suites brand, featuring properties with fee-simple ownership, non-union operations and select-service po
