Financial access point | April 06, 2020
Recognized leader in hospitality-focused lending completes full loan financing in just 15 days amid coronavirus outbreak
GREEN BAY, WIS. – April 3, 2020 – Financial Access Point, LLC (APF), a leading direct lending and specialist finance company focused exclusively on the hospitality industry, today announced that it has entered into an agreement with Lodging Opportunity Fund REIT (LOF REIT) to refinance the Delta by Marriott in Green Bay, WI.
LOF REIT worked with Access Point Financial to secure a $ 9.2 million loan on the property. The REIT chose APF as its lending partner because of the company’s ability to be nimble when working on a time-constrained budget, its flexible terms and the degree of certainty that the deal would be completed on time. The APF had 15 days to subscribe, approve and finance the loan, which expires at the end of March. The loan was taken out and approved simultaneously as the COVID-19 pandemic continued to evolve in the United States, with travel restrictions and social distancing policies put in place across the country, having a direct impact on the hotel industry.
The hotel was acquired by Lodging Opportunity Fund REIT in 2017 as a Ramada. The property underwent extensive renovations to reposition itself as a Marriott brand hotel, opening as Delta by Marriott Green Bay on February 14, 2019. The hotel is managed by a subsidiary, National Hospitality Services . National Hospitality Services has an extraordinary team of hospitality professionals who are able to put the plans in place to see the short and long term benefits, despite the economic challenges our country is currently facing.
“The Delta by Marriott in Green Bay has been a fixture in its market since its rebranding in early 2019, and we are honored to work with Lodging Opportunity Fund to fund this exceptional property,” said Lori Tirado, General Manager of Development commercial at Access. Financial Point. “We were able to complete this project during the most tumultuous and unprecedented time this country has seen in almost 100 years, especially because we have the greatest confidence in Lodging Opportunity Fund and its experience in the industry.
Norman Leslie, President and Chief Information Officer of LOF REIT, said: “While our organization was certainly familiar with the work of Access Point Financial, this was our first direct experience with the organization. We were extremely impressed with their review process and their key interest in meeting our timeline. The team was professional, constructive and, above all, proved to be a true financial partner. We truly appreciate Access Point and its team and look forward to a long and successful relationship.
For more information on Access Point Financial’s comprehensive hospitality-focused financial services portfolio, please visit www.accesspointfinancial.com.