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Banking Downtown Sheraton receives $56M loan

Downtown Sheraton receives $56M loan

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The Sheraton Fort Worth Downtown Hotel has gained $56 million in a refinancing loan arranged by CBRE Hotels following the property’s $8.5 million renovation.

Marc Sallette and Olga Lepow of CBRE Hotels in Houston secured the loan on behalf of the borrower, Presidio Companies. The three-year, fixed- and floating-rate loan includes $21 million in mezzanine capital. Macquarie Group served as the senior lender and Torchlight Investors served as the mezzanine lender.

“After the original lender fell through, we had difficulty identifying a new lender willing to fund the entire loan,” Sallette said in a news release.

“Ultimately, we were able to secure a senior lender and an additional lender who was willing to provide mezzanine financing.”

The 429-guest room property, located at 1701 Commerce St. near the Fort Worth Convention Center, boasts a resigned lobby, meeting rooms and ballroom, among other features. The eight-year makeover concluded in late February.

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