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2/07/17
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Mission Capital Advisors has arranged nearly $100 mil in non-recourse acquisition financing for AJ Capital Partners to acquire and renovate two Graduate Hotel properties in Seattle and Minneapolis.
The Graduate Hotels brand, launched by AJ Capital Partners in 2014, is a fast-growing hotel collection in the most dynamic university-anchored cities in the country. AJ Capital will use $50.8 mil and $43.8 mil in non-recourse financing from two different debt funds to acquire, renovate, and rebrand the hotels in Minneapolis and Seattle, respectively.
Located at 615 Washington Avenue, SE on a long-term ground lease owned by the University of Minnesota, the 304-key Graduate Minneapolis (formerly The Commons Hotel) will undergo renovations to guest rooms, common areas, the lobby and meeting spaces. The renovations are slated to be completed in advance of the 2018 Super Bowl, which will be held in Minneapolis.
The Graduate Seattle, currently the Hotel Deca, is located at 4507 Brooklyn Avenue, NE, and is the closest hotel to the University of Washington. AJ Capital is planning to renovate the 158-key facility over the winter of 2017-2018. As part of the renovation, the penthouse executive suites will be converted to a rooftop bar with sweeping panoramic views of Seattle.
Mission Capital’s team of Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras represented AJ Capital in both transactions. With these transactions, Mission Capital has arranged six financings for AJ Capital Partners, including three Graduate Hotels.
Other Graduate Hotel locations include Ann Arbor, Mi.; Athens, Ga.; Charlottesville, Va.; Madison, Wi.; Oxford, Ms.; and Tempe, Az., as well as three locations that are slated to open in 2017 — Berkeley, Ca.; Lincoln, Ne.; and Richmond, Va.
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