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Access Point Financial Secures $8.85 Million To Refinance the Grand Rapids’ Delta Hotel by Marriott
November 18, 2020
Source: Hospitality Net
Recognized leader in hospitality-focused lending completes full loan funding for Grand Rapids’ Delta by Marriott airport hotel
Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT to refinance the Delta by Marriott in Grand Rapids, Michigan.
As part of the deal, Access Point Financial secured $8.85 million for the Delta by Marriott Grand Rapids Airport property. Lodging Opportunity Fund REIT approached Access Point Financial to provide the financing due to its skill when working with a limited time budget, offering flexible terms, and a degree of certainty that the transaction would be completed on time.
APF also previously financed the Delta by Marriott in Green Bay for Lodging Opportunity Fund and had earned their trust by successfully fulfilling the requirements of the refinancing, despite being given 15 days to underwrite, approve and fund a loan for the property prior to its maturation in late March. The process took place at the beginning of COVID-19 pandemic in the U.S., prompting Access Point Financial to act quickly and purposefully.
The 188-room Delta Hotels Grand Rapids Airport in Grand Rapids, Michigan., is located four miles from the Gerald R. Ford International Airport, and eight miles from Downtown Grand Rapids. The property's positioning at East Beltline and 28th Street provides access to one of the busiest intersections in the area. Additionally, the Delta Hotels Grand Rapids Airport is one of just two full-service Marriott hotels in the Grand Rapids metropolitan area, and it is the only full-service Marriott hotel in the Airport submarket. The hotel is operated by National Hospitality Services, an affiliate of Lodging Opportunity Fund.
"The Delta Hotels Grand Rapids Airport is one of the most strategically-positioned hotels in the Grand Rapids metropolitan area, and we are excited to continue our partnership with Lodging Opportunity Fund to provide the needed financial resources for it," said Lori Tirado, Managing Director, Business Development at Access Point Financial. "This is a difficult time for hoteliers, but we are confident in the value of this property and the skill of its leadership team."
For more information about Access Point Financial, please visit www.accesspointfinancial.com.
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