Ramsfield originated a $4.5 million 5-year fixed rate mezzanine loan on the Magnolia Hotel. The hotel is owned by the Denver based Steven Holtze Group. The loan proceeds went towards paying off an existing loan, updating parts of the property as well as adding a new 6,000 square foot ballroom.
In underwriting the loan, Ramsfield felt that the property, a solid three-star, filled a niche in the market consisting almost entirely of two and four-star hotels. In addition, we believed that this area of Dallas was quickly changing into a 24/7 live-work area which would benefit the hotel in the long term. Accordingly, since the loan was funded the Magnolia has consistently penetrated its competitive set’s RevPAR well in excess of 100%.
Dallas, TX
Magnolia Dallas
$4,500,000 Mezzanine Loan
Ramsfield originated a $4.5 million 5-year fixed rate mezzanine loan on the Magnolia Hotel. The hotel is owned by the Denver based Steven Holtze Group. The loan proceeds went towards paying off an existing loan, updating parts of the property as well as adding a new 6,000 square foot ballroom.
In underwriting the loan, Ramsfield felt that the property, a solid three-star, filled a niche in the market consisting almost entirely of two and four-star hotels. In addition, we believed that this area of Dallas was quickly changing into a 24/7 live-work area which would benefit the hotel in the long term. Accordingly, since the loan was funded the Magnolia has consistently penetrated its competitive set’s RevPAR well in excess of 100%.
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