Sandpiper MidAtlantic Portfolio
Virginia Beach, VA
The transaction includes a $13,100,000 ($53,252/key) non-recourse, first mortgage loan secured by a portfolio of two, 3-star, limited service extended stay hotels, WoodSpring Suites Virginia Beach (124 rooms), located in Virginia Beach, VA and WoodSpring Suites White Marsh1(122 rooms), located in Nottingham, MD. The sponsor is requesting the loan for the purpose of refinancing existing loans of the portfolio. The sponsor developed the properties in 2015 (Virginia Beach) and 2016 (White Marsh) at approximately $16.5MM. The loan is structured with a 5-year term and will amortize on a 30-year schedule.