Axilla Capital Arranges $11.9 Million Non-Recourse, Renovation, Loan for TRYP by Wyndham College Station
TROY, MI (May 8, 2017) – Axilla Capital, LLC announced today that it arranged an $11.9 million non-recourse bridge loan for a TRYP by Wyndham located in College Station, Texas. The loan proceeds were used to refinance the property’s existing debt and fund the project’s outstanding renovation costs. Managing Principal Joel Mazur and Associate Tom Fleming of Axilla Capital represented the borrower.
“This transaction exemplifies Axilla’s unique structuring capabilities,” says Mazur. “Our client needed to pay off a maturing, high-yield loan and we delivered by securing proposals from several different institutions. The borrower was
ultimately able to reduce its interest rate, extend its loan term, complete the project’s renovations, eliminate personal guarantees and bridge the hotel until operations stabilize.”
Built in 1974, the property sat abandoned and vacant for four years before the borrower acquired it in 2015. The property has since undergone an extensive, multimillion dollar renovation. The building required significant work, including new framing, HVAC, electrical, plumbing, flooring, bathrooms, exterior stucco/brick, as well as a new roof and FF&E package. Once complete, the select-service hotel will feature 166 contemporary rooms.
The hotel is a four-minute walk from Texas A&M University’s campus. Texas A&M (TAMU) is the flagship institution of the Texas A&M University System and the main economic driver for the Bryan-College Station metropolitan area. The system's endowment ranks among the top 10 in the nation. Texas A&M's student body is the largest in Texas and one of the largest in the United States. TAMU is one of a select few institutions in the nation to hold land, sea, and space grant designations. Football is a major demand driver at TAMU, and Kyle Field, located less than two miles from the TRYP, has a capacity of more than 100,000.
About Axilla Capital, LLC
Axilla Capital, LLC is a leading commercial real estate finance and advisory company that specializes in arranging debt, mezzanine and equity capital for hotels, multifamily, office, retail, industrial and self-storage properties. The company’s principals have a combined track record of closing more than $2 billion of transactions. Website: www.axillacapital.com