Bridge Loan for Flagged Hotel in Columbus, Ohio

BridgeInvest, a direct private lending firm, recently funded a $9,500,000 1st lien position loan secured by a 150-Room Marriott-branded hotel in Columbus, OH. The hotel underwent a $2,700,000 renovation in 2017 and features an open atrium, restaurant, and lounge plus 5,000 square feet of meeting space. The bridge loan allows the Sponsor to refinance its current loan and stabilize the property’s performance before obtaining longer-term financing. BridgeInvest worked in concert with multiple parties throughout the capital stack to close the transaction and leveraged its direct hospitality experience to project the asset’s future cash flow potential in order to lend based on the property’s stabilized value. The property is centrally located within greater Columbus adjacent to the Buckeye Yard, an impressive logistics node, and within a short drive of Downtown Columbus. This bridge loan was funded in February 2020.