The facility, which was lent at a vacant possession value (VPV) of 70%, will refinance existing debt secured against the hotel, and also provide funding towards the acquisition of the freehold interest.
The bespoke bridging loan is aimed at supporting the borrower’s wider business plan to refurbish and reposition the hotel under a new brand.
The property, while currently in need of modernisation, presents a strong opportunity for value enhancement, said CapitalRise.
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The deal was led by Lee Francis, head of origination at CapitalRise (pictured above), who commented: “This is an exciting project and a great example of how CapitalRise can support experienced borrowers with bespoke funding solutions across a range of asset classes.
“The borrower has a clear vision for repositioning the hotel, and we’re pleased to be supporting the first phase of that journey.
“With our ability to provide end-to-end finance – from acquisition and refurbishment through to stabilisation and exit – we’re well placed to support the full lifecycle of this project.”
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