Commercial Observer: Peachtree Group Refis Seattle Hotel With $68MM Loan
Peachtree Group originated the three-year $68.15 million loan to refinance a newly opened Seattle hotel asset
在快速变化的经济环境中，酒店开发商和贷款机构正在调整其战略，以确保酒店项目取得成功。我们与桃树集团酒店贷款执行副总裁兼CPACE主管贾里德·施洛瑟坐下来讨论了利率上升和通货膨胀压力如何影响贷款标准和财务规划。在 “活跃贷款” 小组讨论中听取贾里德的更多见解 住宿会议。
问：鉴于利率上升和通货膨胀压力，贷款机构如何调整酒店的承保标准？
杰瑞德·施洛瑟： 现在，一切都与现金流有关。除非背后有真实的故事，否则很难为任何形式的预期增长提供担保。贷款人专注于现金流，如果你能实现13％或更高的债务收益率，你就有资格获得永久债务、CMBS、人寿公司甚至银行收购。如果你没有达到这个门槛，那么你通常会进入私人信贷领域，而这正是Peachtree Group的用武之地。
问：贷款条款的当前趋势如何，例如贷款与价值（LTV）比率或利率？
JS: 差异很大，具体取决于每家贷款机构的风险门槛是多少。我看到的最大趋势是不确定利率将在多长时间内保持高位。因此，借款人正在寻求灵活性。他们愿意为收益维持时间较短或预付罚款较低的贷款支付溢价。许多人对像以前一样锁定长期固定利率债务犹豫不决。
我们提供固定利率和浮动利率贷款，但即使是固定利率产品，借款人也在努力确保尽可能多的灵活性。我们仍将达到70％的贷款比率（LTC）或LTV，有时会推高至75％或缩减规模，具体取决于我们的承保情况。相比之下，银行市场的平均水平接近50-55％，这凸显了我们的领域与传统银行之间的区别。
问：开发者应该如何调整他们在这个市场上的财务策略？
JS: 我总是说，在动荡的市场中，抢先一步。保持积极主动——无论是与我们还是与该领域的其他竞争对手进行对话，都要提前到期，尽早开始对话。目前，尽早参与是关键，因为未来非常不确定。
随着选举的临近、围绕美联储政策的波动以及是否会降息或维持高于预期的时间的问题，流动性正在波动。借款人越早进入市场寻求再融资或建筑融资，他们的一揽子计划准备得越充分，他们获得优惠条件的机会就越大。
桃树集团 是一家直接资产负债表贷款机构，专注于为首次抵押贷款过渡贷款、夹层贷款、优先股投资和提供资金 商业地产评估的清洁能源（CPACE）融资，向所有专门从事酒店融资的商业房地产资产类别提供贷款。Peachtree集团团队已经执行了超过297笔交易，为寻求资金以完成收购、资本重组、再融资和翻新的项目提供了超过45亿美元的资金。
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Commercial Observer | Peachtree Group originated the three-year, $68MM, floating-rate, first-mortgage loan with two 12-month extension options for the Atlanta-based developer’s 200-room AC Hotel in Downtown Seattle that opened in October 2024.
Read More on commercialobserver.com
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Commercial Observer: Peachtree Group Supplies $36MM Refi for Houston Hotel Conversion Project
Peachtree Group originated a $36.1MM three-year, floating-rate loan with two 12-month extension for a Houston Hotel
Commercial Observer | Peachtree Group originated a $36.1MM three-year, floating-rate loan with two 12-month extension options for the DSG’s Meridien Houston Downtown hotel property located where the 1952-built Melrose Building once stood. In 2015, the developer acquired the office property, which was Houston’s first modern skyscraper, and repurposed it into a 250-room hotel that opened in 2017.
Read More on Commercialobserver.com
Discover Creative Capital Solutions in a Challenging Market
In the latest episode of Peachtree Point of View podcast, CEO Greg Friedman sits down with EVP Jared Schlosser, who specializes in hotel lending and C-PACE financing. Their conversation offers valuable insights into navigating today's dislocated credit markets and finding creative solutions to capitalize commercial real estate projects.
In the latest episode of Peachtree Point of View podcast, CEO Greg Friedman sits down with EVP Jared Schlosser, who specializes in hotel lending and C-PACE financing. Their conversation offers valuable insights into navigating today's dislocated credit markets and finding creative solutions to capitalize commercial real estate projects.
Jared, who joined Peachtree in 2019 after beginning his career during the 2007 market downturn, provides a unique perspective on the dramatic shift in credit markets since then. He explains how developers are struggling with rising costs and persistently high interest rates that make traditional financing structures difficult to pencil.
Senior + CPACE
The discussion centers on how Peachtree is helping clients overcome these challenges, with particular focus on C-PACE (Commercial Property Assessed Clean Energy) financing as an innovative tool. This state-by-state legislative product allows financing for specific elements of construction (roofing, HVAC, elevators, etc.) through long-term fixed-rate loans repaid via property tax assessments.
What makes this strategy particularly powerful is the ability to combine C-PACE with senior debt to achieve higher leverage at a lower blended cost of capital. For example, on a $100 million project, developers might secure $30 million through C-PACE at 7.5% fixed (half the cost of traditional mezzanine debt), allowing them to finance 75% of project costs at favorable rates while maintaining acceptable returns.
Case Study: Washington Multifamily
Jared shares a recent success story from Washington state where Peachtree provided both senior debt and C-PACE financing, partnering with Hickory for mezzanine debt to deliver an impressive 87% capital stack. With Peachtree providing 70% through the combined senior and C-PACE loans, the borrower secured an attractive blended cost of capital for a higher-lever age construction loan. The multifamily project is located in an underserved secondary market with limited recent development—a focus area for Peachtree.The deal also featured flexible terms allowing the borrower to potentially payoff the C-PACE portion if rates decline.
Key Takeaways:
- C-PACE financing offers developers a powerful tool to replace more expensive capital in the stack, potentially reducing costs by hundreds of basis points compared to traditional mezzanine or preferred equity.
- In today's market, there are "no slam dunks" - every deal has challenges requiring creative solutions, thorough vetting, and proper risk structuring.
- Peachtree's ability to provide both senior loans and C-PACE financing creates a significant competitive advantage, allowing them to deliver financing packages higher up the capital stack.
- Speed and execution are critical in this environment, as many lenders fail to close deals due to improper risk assessment or changing credit committee decisions.
- Secondary markets with limited new supply present attractive investment opportunities, particularly for multifamily development.
Listen to the full Peachtree Point of View podcast to gain deeper insights into how you can leverage these creative capital solutions for your next commercial real estate project. Follow Peachtree Point of View on your favorite podcast platform to stay informed on investment strategies in today's challenging market.
