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Hotelier Bucks CMBS Market Trends With $47M Loan

RALEIGH, NC-Credit and SWAP spreads fluctuated over 150 basis points and 90 basis points, respectively, during the six-week loan process.

By Jennifer LeClaire | Updated on September 21, 2011

RALEIGH, NC-Struggling CMBS markets aside, Concord Hospitality Group and Kane Realty Corp. have secured a $47.5 million fixed-rate first mortgage on the Renaissance Raleigh North Hills Hotel. RBS Commercial Real Estate offered the loan on the four-star property in the heart of the North Hills Lifestyle Center.

Senior vice president Mark Fisher and senior analyst Rayna Karaivanov of CB Richard Ellis’ Capital Markets Debt & Equity Finance Group in New York City, along with Bryan Kane of CBRE’s Debt & Equity Finance Group in Raleigh and Bradley Burwell and Jonathan Rice of CBRE Hotels, placed the loan.

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