Berkadia Arranges Refinancing of Liberty Investment Group’s Woodspring Suites Charlotte – University Research Park
Charlotte, N.C. – December 20, 2023 – Berkadia announced today the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-key, extended-stay hotel in Charlotte, North Carolina. Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Hotels & Hospitality secured $10 million in refinancing through KeyBank on behalf of the sponsor, Orlando-based Liberty Investment Properties.
Founded in 1990, Orlando-based Liberty Investment Properties is a privately held real estate investment, development and management firm focusing on income-producing assets and related equity and debt investments on behalf of both individual and institutional investors. The firm has developed over seven million square feet across 100+ developments, including more than 35 WoodSpring Suites-branded hotels since 2007.
KeyBank provided five-year, fixed rate CMBS loan with a competitive interest rate and a full-term interest-only period. This transaction will represent the start of Liberty Investment Property’s new long-term, perpetual income fund, which will focus on income-producing extended-stay hotel assets.
“In a challenging debt market, the teams at Berkadia and KeyBank were able to deliver significant value with this stable asset class that produces consistent returns,” said Adam Mikkelson, CEO of Liberty Investment Properties.
“This asset benefits from a number of demand drivers including proximity to UNC Charlotte and the Wells Fargo campus and has dominated its competitive set over the past 12 months. The WoodSpring Suites brand has remained incredibly resilient compared to the hospitality sector as a whole, demonstrated by its chain-wide occupancy of 72 percent in 2020 versus 44 percent for the hotel industry overall,” said Fox.
Located at 7007 MacFarlane Boulevard and built in 2021, WoodSpring Suites Charlotte – University Research Park features 122 rooms equipped with a full kitchen, queen-size or king-size beds, a flat-screen TV, housekeeping services, pet-friendly room options, complimentary Wi-Fi, and more. The property is conveniently located off I-85, just ten minutes from the University of North Carolina Charlotte and Atrium Health University City, 15 minutes from the Uptown business and entertainment district, and just a short drive from several offices and research parks.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge, and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.