Barings, one of the world’s leading investment managers, announced that it has provided a $64.5 million bridge loan to refinance the existing construction loan on The AC Hotel in Fort Worth, Texas. The financing has a three-year term with two one-year extensions. CBRE advised the sponsorship on the financing.
Also Read: VoPay and TurnKey Lender Partner to Power Loan Automation and Digital Payments
The AC Hotel Fort Worth is located at 101 West 5th Street in downtown Fort Worth. It lies at the heart of Sundance Square, the 35-square-block pedestrian-friendly retail and entertainment district home to shops, restaurants, and well-known attractions such as the Fort Worth Water Gardens and Bass Performance Hall.
“With its dynamic growth story, lending in downtown Fort Worth allows Barings to further its commitment to the Dallas-Fort Worth commercial real estate market and deliver attractive returns for our clients,” said Tom Cross, Managing Director with Barings.
The AC Hotel is an upscale select-service hotel developed and owned by Jackson-Shaw of Dallas. The 16-story hotel opened in September 2020 and contains 252 rooms outfitted with modern amenities, The AC Lounge and AC Kitchen, a 24-hour business center, a 24-hour fitness center, and 6,050 SF of meeting and event space.
“Jackson-Shaw has decades of experience in the hotel business, and we are excited to be partnering with them on this high-quality asset that is already exhibiting accelerated operational performance,” added Barings’ Cross. “The DFW community continues to show resilience in the face of the COVID-19 pandemic, and the success of this hotel is a testament to Fort Worth’s vibrancy.”
Barings is a $371+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.