Driftwood Capital Provides $9M Mezzanine Loan for Home2 Suites Hotel in Charlotte
Vertically-integrated commercial real estate investment, development and lending platform Driftwood Capital has provided a $9 million mezzanine loan toward the recapitalization of the 180-key Home2 Suites by Hilton Charlotte Uptown in Charlotte.
Located at 610 S Caldwell Street, the Home2 Suites by Hilton Charlotte Uptown is just off I-277, within blocks of Bank of America Stadium and the Spectrum Center, across the street from the NASCAR Hall of Fame. The pet-friendly hotel amenities include a fitness center and business center, along with free breakfast and free WiFi.
The loan comes behind a $23 million senior mortgage provided by Benefit Street Partners. The debt was used to take out the existing construction loan on the hotel, which opened in November 2019. The mezzanine loan on the Charlotte property has a three-year term, with no extension options, and represents a 65% loan-to-value. Driftwood’s Lending Fund originates mezzanine loans and preferred equity investments in the $5 to $75 million range.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.