Machine Investment Group has announced the $208 million recapitalization of a hospitality portfolio located in Hollywood, CA.  With the package, sponsor Relevant Group can complete the construction of the two hotels by this summer.

The portfolio, which is under construction, includes the Thompson and tommie branded hotels and event and food and beverage spaces in the Citizen News Building. The $208 million whole loan moves the previous senior mortgage held by Calmwater Capital to a $136 million A-note and incorporates a $72 million B-note originated by Machine. A joint venture sponsored by affiliates of Machine Investment Group and Taconic Capital provided the B-note.

"We're pleased to deliver a financing solution to see these properties through to completion," said Eric Rosenthal, managing partner of Machine, in a prepared statement. "We were able to move quickly after sourcing this transaction off-market, collaborating with the sponsor and existing lender toward a recapitalization that works well for all parties."