The Four Seasons Austin has been secured with a $56 million loan to refinance its existing mortgage.
Los Angeles-based Mesa West Capital provided Lodging Capital Partners and Syndicated Equities Group the $56 million first mortgage loan to refinance existing debt.
After acquiring the landmark hotel in 2006 from Maritz, Wolff & Co., Lodging Capital completed a $11.4 million renovation that included an upgrade of the guestrooms, a new 5,500 square-foot luxury spa and a redesign of the hotel’s upscale restaurant.
“Despite the uncertainty surrounding the economy, this property continues to build its market share and reaffirm its status as the premier hotel in Austin,” said Mesa West Capital’s Director Raphael Fishbach, who originated the loan and heads up the company’s New York City office. “Knowing the strength of both the property and the sponsorship, we looked to win this assignment by providing speed and certainty of execution in a challenging market for hotel financing,”
The financing was arranged by Mark Gordon and Jared Kelso of Cushman & Wakefield Sonnenblick-Goldman and Elizabeth Kogen of JMB Financial Advisors. The financing also included a mezzanine loan with an undisclosed value from Blackstone Real Estate Debt Strategies, a publicly-traded global investment and advisory firm.
Mesa West Capital provided the financing through its $614.5 million Mesa West Real Estate Income Fund II LP, which closed in June. Currently, Mesa West has originated more than $160 million in financings through Fund II. Mesa West’s first fund originated $1.5 billion in 83 financings.
Lodging Capital Partners is an owner and asset manager of luxury hotels and resorts throughout the United States, Mexico, Canada and the Caribbean. Since its founding in 2005, Lodging Capital Partners has invested in a portfolio with a valuation in excess of $1.3 billion. Syndicated Equities Group is a real estate investment firm that has acted as a principal or managing partner in more than $1 billion of commercial property transactions nationwide.