Complete Story
03/23/2011
2011 Winner: Most Creative Deal Structure
With a fast approaching maturity date on a construction loan, NP Limited was faced with a dire situation. Values had fallen significantly in the hospitality sector and take out loans were simply not available. Since a conventional loan was unavailable, we were forced to refinance using a combination of debt and equity. US Bank participated on the debt side and NP Limited Partnership and Rockbridge Capital participated on the equity side to recapitalize the project and maintain the asset based on a projected IRR.
NP Limited was successful in developing the Hilton Columbus/Polaris by recapitalizing the project when financing options were non-existent.
NAIOP members involved in this project include US Bank.
