Caliber Companies has recently succeeded in securing a bridge loan to cover the Crowne Plaza Phoenix Airport, the Holiday Inn & Suites Phoenix Airport and the Hilton Phoenix Airport.
Caliber Companies has snagged a big catch, just before Super Bowl LVII kicked off at nearby State Farm Stadium.
Maxim Capital Group and Beach Point Capital Management have provided a $55 million bridge loan to the sponsor for three of its airport hotels in Phoenix, Commercial Observer has learned.
CBRE’s Lawrence Britvan negotiated the floating-rate financing on behalf of the Scottsdale, Ariz.-based sponsor.
The hotels covered by the financing are the Crowne Plaza Phoenix Airport, the Holiday Inn & Suites Phoenix Airport and the Hilton Phoenix Airport. Caliber purchased the three assets between 2012 and 2016. The company’s $34.8 million acquisition of the Hilton in December 2016 was the most recent — and with the biggest price tag.
Caliber – the Wealth Development Company – is a middle-market alternative asset manager and fund sponsor with approximately $2 billion in assets under management and development. The Company sponsors private funds and private syndications. It conducts substantially all business through CaliberCos Inc., a vertically integrated asset manager delivering services which include capital formation and management, real estate development, construction management, acquisitions and sales. Caliber delivers a full suite of alternative investments to a $4 trillion market that includes high net worth, accredited and qualified investors, as well as family offices and smaller institutions. This strategy allows the Company to opportunistically compete in an evolving middle-market arena for alternative investments. Additional information can be found at CaliberCo.com and CaliberFunds.co.
The information contained herein is general in nature and is not intended, and should not be construed, as accounting, financial, investment, legal, or tax advice, or opinion, in each instance provided by Caliber or any of its affiliates, agents, or representatives. The reader is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances, desires, needs, and requires consideration of all applicable facts and circumstances. The reader understands and acknowledges that, prior to taking any action relating to this material, the reader (i) has been encouraged to rely upon the advice of the reader’s accounting, financial, investment, legal, and tax advisers with respect to the accounting, financial, investment, legal, tax, and other considerations relating to this material, (ii) is not relying upon Caliber or any of its affiliates, agents, employees, managers, members, or representatives for accounting, financial, investment, legal, tax, or business advice, and (iii) has sought independent accounting, financial, investment, legal, tax, and business advice relating to this material. Caliber, and each of its affiliates, agents, employees, managers, members, and representatives assumes no obligation to inform the reader of any change in the law or other factors that could affect the information contained herein.