Owner of Sheraton in Panama City Beach lands $42M loan
The owner of a 320-key Sheraton hotel in Panama City Beach got a $42 million loan secured by the renovated property.
An affiliate of Torchlight Investors, LLC, the owner of the Sheraton Bay Point Resort, got the non-recourse loan from Walker & Dunlop Commercial Property Funding.
In June 2016, the sponsor acquired the Sheraton Bay Point Resort, located along Saint Andrews Bay at 4114 Jan Cooley Drive in Panama City Beach.
After the acquisition, the hotel underwent a multi-million-dollar renovation program that upgraded guestrooms, banquet facilities, building exteriors and the hotel’s lobby as well as 120 on-site golf villas.
Amenities include an 18-hole golf course designed by Jack Nicklaus, three outdoor swimming pools, four restaurants, five clay courts for tennis, a 12,000-square-foot spa and a private beach with its own wait staff. The property manager is Crescent Hotels & Restaurants.
The debt and equity finance team at Mission Capital Advisors, LLC, arranged the $42 million loan from Walker & Dunlop. The team included Jonathan More, Ari Hirt, Steven Buchwald and Justin Hunt. – Mike Seemuth
Source: The Real Deal