Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that they had arranged a refinance for a Crowne Plaza in Anchorage, Alaska.
Partners at Premier Capital Associates were able to source a long-term, fixed rate, non-recourse loan of approximately $19,000,000 that allowed the borrower to recapitalize their financial structure. The 165-unit property is located at 109 West International Airport Road and is operating on a ground lease.
“The transaction and lending markets continue to improve” said Jeff McKee, managing director of Premier Capital Associates. “Although we are seeing improvement in lending markets, investors are still sensitive to yield. Capital is primarily going to good hotel assets with positive cash that are well positioned and well located like this newer, full-service hotel in Anchorage.”
Greg Morris, Managing Partner at Premier Capital Associates says “Our clients have been using their unlocked equity we’ve been able to pull from their properties and re-invest in their portfolio with the millennial guest in mind. Hoteliers are renovating, adding desirable amenities, and upgrading operational teams. These realignments are meeting evolving market conditions and resulting in higher average daily rates and are also creating strong fundamentals that create value.”
Premier Capital Associates, LLC, located in Bellevue, Washington, is a national, full-service real estate investment company specializing in debt finance and advisory services for hospitality and other income-producing commercial real estate, with well-established national relationships. The principals bring over 35 years of commercial real estate finance experience arranging debt for construction loans, acquisition, refinancing, and reposition financing. For additional information, please contact either Jeff McKee at 425-957-0600 or Greg Morris at 425-957-0700. Or, visit the company’s Web site: www.premiercapitalassoc.com.