US: Trinity Street Capital Partners has announced the origination of a $10 million loan for the development of a 109-key Staybridge Suites in Grandville, MI.
The construction/mini-perm loan was for 75 per cent of cost, had a five-year term, with a two-year extension option.
The Staybridge Suites is a proposed four-storey, 109-room extended-stay hotel that is currently under development. It will offer amenities including complimentary breakfast, lounge, fitness facility, business centre, sundries shop, meeting space, indoor pool, patio with BBQ grills, vending and ice machines.
It is located one mile east of Interstate 196, which provides accessibility into Downtown Grand Rapids, and to Interstate 96 to the north and Interstate 94 to the south.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior and subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5 million on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the US.
Finance and investment will be among the subjects discussed at the 2019 Serviced Apartment Summit Americas, which is taking place on April 10 and 11 in New York City.</p
