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Commercial Observer: Peachtree Leads $63MM Debt Package for Washington State Apartments
Featured in Commercial Observer: Peachtree Leads $63MM Debt Package for Washington State Apartments
Stonehill, a commercial real estate direct lender, ranked as the 8th largest U.S. commercial real estate hotel lender by the Mortgage Bankers Association ("MBA") 2022 loan origination rankings, a two-spot increase from the 2021 rankings. In 2022, Stonehill deployed $1.2 billion in real estate investment, with $813 million related to hotels.
Stonehill was also ranked as the 16th largest U.S. commercial real estate retail lender by MBA, having deployed $163 million in 2022.
"Our performance is a testament to our commitment to understanding our sponsors' business plans and accomplishing the transactions by having stable capital despite market turbulence,” said Mat Crosswy, Stonehill's president and managing principal.
Last year, Stonehill expanded its commercial lending business to originate and make investments across all real estate sectors by forming Stonehill CRE. This CRE group focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied.
"Amid economic volatility and rising interest rates, traditional lenders have pulled back on real estate lending, creating a dislocation in the capital markets. At Stonehill, we have spent years building our capital formation, allowing us to originate loans and provide financing to real estate owners across all sectors looking to execute their business plans, even during periods of uncertainty," said Daniel Siegel, president, Stonehill CRE.
MBA's annual originations rankings report is a comprehensive set of listings of 149 commercial/multifamily mortgage originators, their 2022 volumes, and their different roles.
About Stonehill
Stonehill, a part of Peachtree Group, is a direct lender providing permanent loans, bridge loans, mezzanine loans, commercial property assessed clean energy (CPACE) financing and preferred equity investments secured primarily by hotel assets. Founded in 2013, Stonehill provides creative finance solutions for acquisitions, recapitalizations, refinancings and renovations and has completed over 510 transactions totaling over $5.4 billion. The principals of Stonehill have combined to originate, structure or purchase over $10.0 billion of debt.
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Peachtree Group originated a $28.3 million, 26-month first mortgage and 30-year $17 million Commercial Property Accessed Clean Energy (C-PACE) loan for the developers’ planned 280-unit Yorkshire Apartments project in Tumwater, Wash. Hickory CRE Lending also provided a $17.7 million mezzanine loan as part of the transaction, which was brokered by Zack Goodwin, managing partner at CapNorth.
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Commercial Observer: Peachtree Group Provides $43M Loan in Fort Lauderdale Hotel Recap
Peachtree Group originated a $43.0MM recapitalization of the 218-room dual-branded Home2 Suites/Tru Fort Lauderdale Downtown.
Peachtree Group originated a $43.0MM recapitalization of the 218-room dual-branded Home2 Suites/Tru Fort Lauderdale Downtown. The floating-rate note carries a 36-month term with two extensions. The sponsor, Driftwood Capital, acquired the site in 2016 and developed the hotels, which opened in November 2020.
The dual-branded hotels (315 NW 1st Avenue) are in Fort Lauderdale's Flagler Village submarket, near key corporate and leisure demand drivers. Fort Lauderdale benefits from strong long-term fundamentals, bolstered by Florida’s position as the nation’s leader in net income migration. Downtown Fort Lauderdale has experienced significant growth, with a 35.4% population increase from 2020 to 2023. The area is home to approximately 200 company headquarters and is well-positioned for the continued return to office, with more than 70% of office workers back—20 percentage points above the national average. Key demand drivers include the Broward County Convention Center, which is expanding to become the nation’s sixth largest, and Port Everglades, one of the world's busiest cruise ports. These factors, combined with the region’s economic resilience, make Fort Lauderdale a compelling market.
With limited new supply and growing demand, Fort Lauderdale's market dynamics favor ADR growth. Expansion of the convention center, increasing cruise port activity, and strong economic fundamentals further support sustained demand.
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Commercial Observer: Peachtree Group Lends $59M on San Antonio Hotel Recap
Peachtree Group originated a $59.0MM recapitalization of the 343-room dual-branded AC Hotel and Element San Antonio Riverwalk.
Peachtree Group originated a $59.0MM recapitalization of the 343-room dual-branded AC Hotel and Element San Antonio Riverwalk. The floating-rate note carries a 36-month term with two, 12-month extensions. The sponsors, Winston Hospitality and Concord Hospitality Enterprises, purchased former office towers—Riverview Towers—in December 2019 and spent two and a half years undergoing a multi-phase, adaptive reuse renovation to transform them into dual-branded hotels, which opened in 2022.
Located adjacent to San Antonio's famed Riverwalk, the #1 attraction in Texas, the hotels benefit from the city's strong tourism market, drawing over 39 million visitors annually, and its status as the third-fastest-growing city in the U.S., with a 3.8% population increase from 2020 to 2022. They remain the newest hotels in their competitive set.
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