New York-based Mission Capital Advisors’ Debt and Equity Finance Group has arranged $12.35 million in financing for the acquisition of the Fairfield Inn & Suites by Marriott, in Pittsburgh, a 98-key, eight-story, newly-built hotel. The property is located in the Central Business District on Fort Pitt Boulevard.
Mission Capital worked with real estate investment, management and development firms Milestone Companies and Woodmont Lodging to secure the loan.
“The Fairfield Inn & Suites by Marriott is poised to become a market leader in this submarket and was secured by our client at a price that offers a very high upside,” Beau Williams of Mission Capital said. “Additionally, through our marketing process, we were able to maintain higher leverage proceeds without sacrificing cost of capital or operational flexibility.”
The property opened in October 2019 and will be managed by Milestone Hospitality Management.
Founded in 2002, Mission Capital is a national real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Alabama. The firm delivers advisory and transaction management services across debt, mezzanine and JV equity placement; commercial and residential loan sales; and loan portfolio due diligence and valuation. Since its inception, Mission Capital has advised financial institutions and real estate investors on more than $75 billion of financing, loan sale and asset sale transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions.