Mission Capital Debt and Equity Finance team has structured a $53 million non-recourse ramp loan for The Godfrey Hotel and Cabanas Tampa in Florida.
Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt represented an affiliate of Oxford Capital Group in securing the loan from Marathon Asset Management.
The newly renovated, 276-key, waterfront hotel is located at 7700 West Courtney Campbell Causeway in Tampa, Florida.
The financing will be used to repay the property’s construction loan and return additional capital to the sponsor.
The waterfront property is a Tampa icon that was once owned by the New York Yankees, and served as the club’s Spring Training home for several decades.
In 2015, Oxford acquired the hotel and has redeveloped it as a lifestyle hospitality property.ʼ
“Ramp loans are based in large part on projecting the property’s path to stability, and that adds a wrinkle of complexity that not all lenders can underwrite,” said Hirt.
“However, Oxford’s long-standing track record, as well as the incredible product they’ve created at the property, gave capital providers extreme confidence in the sponsor’s business plan. ”
According to Hirt, the loan is structured with an immediate return on equity as well as an additional earn-out once certain benchmarks are reached.
