Berkadia Secures $40.6M in Refinancing for Home2 Suites Charlotte Uptown in Charlotte, North Carolina
Charlotte, N.C. – January 17, 2024 – Berkadia announced today the refinancing of Home2 Suites Charlotte Uptown, a 180-key, full-service hotel in Charlotte, North Carolina. Managing Directors Michael Weinberg and Rebecca Van Reken of Berkadia Hotels & Hospitality, secured $40.6 million in refinancing through Peachtree Group on behalf of the client, Doradus Partners, a real estate investment based in Huntsville, Alabama with offices in Orlando, Florida. The deal closed on January 9 and will be Berkadia’s second closing in the Charlotte MSA this month, following their financing of the WoodSpring Suites Charlotte – University Research Park earlier this week.
Doradus Partners is a privately held, boutique real estate investment focused on strategic locations, forward-thinking design, and value-add or opportunistic ventures primarily in the Southeastern U.S. Since its inception in 2016, Doradus Partners has directed seven ground-up development projects totaling 1,587 hotel keys and over $350 million in aggregate value.
The refinance recapitalized a complex debt stack with a single senior bridge loan featuring a competitive interest-only rate.
“Doradus designed and built a beautiful hotel as part of a mixed-use development that includes a Whole Foods and Starbucks, located across from the Charlotte Convention Center,” said Weinberg. “We had tremendous interest from lenders who saw the quality of the asset, sponsor, and continued ramp-up of cash flow.”
Opened in 2019, Home2 Suites Charlotte Uptown features 180 units equipped with complimentary WiFi, an in-suite kitchen with a full-size refrigerator, work desk, HDTV, sofa bed, and more. Located at 610 South Caldwell Street, the property affords convenient access to the area’s top demand generators such as the new Charlotte Convention Center, NASCAR Hall of Fame, Bank of America Stadium, Truist Field, and the Spectrum Center. In addition, Ally Financial, Duke Energy, Honeywell, Bank of America, and Wells Fargo have their corporate headquarters located within one mile of the Property.