Trinity Street Capital Partners $8MM, bridge loan was for the acquisition of the Park Avenue House, a 180 room, full service hotel/residence located in Detroit,MI. TSCP, marshalling all resources, closed the loan in 7 business days from application.
DETROIT, MI, March 13, 2019 /24-7PressRelease/ — Trinity Street Capital Partners (TSCP), a full service real estate investment bank, announces the origination of a $8MM, bridge loan for the acquisition of the Park Avenue House, a 180 room, full service hotel located at 2305 Park Ave in Detroit, MI. The interest only, bridge loan had a one year term and was utilized to complete the acquisition of the property. TSCP, marshalling all resources, closed the loan in 7 business days from application.
The Park Avenue House (formerly known as the Royal Palm Hotel) is a high rise residential building located at 2305 Park Avenue in downtown Detroit, Michigan. The property is a thirteen-story brick and masonry hotel with Italian Renaissance details and is located within the Park Avenue Historic District of the city. It was listed on the National Register of Historic Places in 1996 and is the oldest hotel in the downtown Detroit.
According to borrower, “Construction will likely begin in late summer for the conversion of the property to a Tapestry by Hilton and will be a future crown jewel of downtown Detroit.” According to Hilton, “A Tapestry is a one-of-a-kind woven piece of art. That makes it the perfect moniker for a collection of hotels – each with their own style and personality – that let you weave your own story. Tapestry Collection by Hilton offers the best of both worlds: uncommon experiences and peace of mind.”
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.
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