CBRE Hotels has arranged a $56 million loan to refinance of the 429-room Sheraton Fort Worth Hotel in Fort Worth, Texas. Working on behalf of the borrower, Presidio Companies, the firm arranged a three-year, fixed- and floating-rate loan including $21 million in mezzanine capital. Macquarie Group served as the senior lender and Torchlight Investors the mezzanine lender. Located at 1701 Commerce Street, the Sheraton Fort Worth features 429 rooms custom-designed by international hotel design firm The Gettys Group.
“Our team executed a highly specialized loan process for a property that has a really interesting story to tell,” Marc Sallette, CBRE said. “After the original lender fell through, we had difficulty identifying a new lender willing to fund the entire loan. Ultimately, we were able to secure a senior lender and an additional lender who was willing to provide mezzanine financing.”
