Recognized leader in hospitality-focused lending completes full loan funding in just 15 days amid coronavirus outbreak
GREEN BAY, WIS. – April 3, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of 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 due to the company’s ability to be nimble when working with a limited time budget, its flexible terms, and the degree of certainty that the transaction would close within the required timeframe. APF had 15 days to underwrite, approve and fund the loan with an impending loan maturity of late March. The loan was being underwritten and approved simultaneously as the COVID-19 pandemic continued to evolve in the United States, with subsequent travel restrictions and social distancing policies put in place across the country, directly impacting the hotel industry.
The hotel was acquired by Lodging Opportunity Fund REIT in 2017 as a Ramada. The property underwent an extensive renovation to reposition as a Marriott-branded hotel, opening its doors as the Delta by Marriott Green Bay on February 14, 2019. The hotel is managed by an affiliate, National Hospitality Services. National Hospitality Services has an extraordinary team of hospitality professionals who are able to put the necessary plans in place to see near and long-term benefits, despite the economic challenges our country is currently facing.
“The Delta by Marriott in Green Bay has been a staple within its market since it rebranded in early 2019, and we are honored to work with Lodging Opportunity Fund in financing this outstanding property,” said Lori Tirado, Managing Director, Business Development at Access Point Financial. “We were able to deliver on this project during the most tumultuous and unprecedented period this country has faced in nearly 100 years, specifically because we have the utmost confidence in Lodging Opportunity Fund and their experience in the industry.
Norman Leslie, President & CIO of LOF REIT, commented, “While our organization was certainly aware of the work of Access Point Financial, this was our first direct experience with the organization. We were extremely impressed with their evaluation process and their key interest in meeting our timeline. The team was professional, constructive and, most importantly, performed as a true financial partner. We truly appreciate Access Point and their team and look forward to a long and successful relationship.”
For more information on Access Point Financial’s comprehensive portfolio of hospitality-focused financial services, Please visit www.accesspointfinancial.com.