The deal: $26.0M cash / $30.0M seller-bridge, ~$7.5M PIP, ~$34M all-in (~$71K/key). In-place NOI ~$3.5M, ~10% going-in cap. The ask: senior bridge for acquisition + PIP, takeout to perm at stabilization. Show the low PIP, let them bring leverage and reserves.
Direct lenders
Prime Finance New To call
National CRE credit fund. Bridge plus CMBS, large balance sheet, deals $14M to $79M+ across asset classes.
WhyScale and a real balance sheet, a notch up from Access Point. Does hotel bridge.
Next: find the right originator (hospitality / Texas), make the intro call.
Access Point Financial Quoted
Hotel-only bridge debt fund. Kuwaiti sovereign wealth fund capital. Prices off in-place cash flow, so DTG fits them well.
Quote 6/15SOFR + ~450-490, 65-75% LTC, IO bridge. ~2-wk underwrite. Committee = Mike (CEO) + Dana (CIO).
Next: send diligence package; clarify "PIP at 50%" funding; make Daniel's committee sell easy.
Intermediaries / brokers (bring multiple lenders)
ThirtyFourth Capital Warm
Hospitality capital markets shop. Sources both bank and debt-fund options. Introduced by Cuomo.
Indication 5/26Debt fund SOFR + 325-475, up to 75% LTV. Bank option 7.37-8.12%.
Next: keep warm as the second bid for spread leverage against Access Point.
Greysteel On bench
Hospitality debt broker. Can run a full process across lenders if we go broad.
Next: engage if we want a competitive process rather than a direct placement.