BETHESDA, MD-Locally-based Pebblebrook Hotel Trust and its JV partner Denihan Hospitality Group, have secured a $410 million loan that is interest only and non-resource with a 3.67% interest rate.
The loan has a term of five years and is secured by a first mortgage on the Affinia Manhattan, Affinia Shelburne, Affinia 50, Affinia Gardens and The Benjamin—hotels in New York that in total comprise 1,491 guest rooms. Proceeds will be used to fully pay off the existing mortgage on these properties—dubbed the Manhattan Collection -- and for general business purposes.
The new financing, not surprisingly considering the low interest rate environment, has more favorable terms and significantly lower risk.
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