Chicago, Illinois, NXT Capital announced today that it closed a $19 million first mortgage loan to finance the acquisition of two select-service hotels in Winston-Salem, North Carolina. The properties are:
- Home2 Suites by Hilton Hanes Mall
- Springhill Suites by Marriott Hanes Mall
The hotels are situated in the Hanes Mall neighborhood of Winston-Salem, a key office submarket that also derives significant demand from Wake Forest Baptist Health system and area retail that serves not only the Winston-Salem market but also a significant portion of Western North Carolina. Winston-Salem is home to the corporate headquarters of BB&T, Hanes Brands and Krispy Kreme.
Beau Williams and Steve Buchwald of Mission Capital Advisors placed the loan with NXT Capital.
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors. It provides non-recourse first mortgages of $10 million to $75 million for major-market properties targeting a DSC greater than 1.0X. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis.