ST. LOUIS, MISSOURI (August 8, 2022) – Jeff Chaney, senior vice president/managing director and Dan Baker, vice president of Northmarq’s St. Louis debt/equity team, arranged a $55 million, fixed rate, non-recourse loan on the Drury Plaza Hotel Nashville Downtown.
The loan was secured for the borrower through Northmarq’s correspondent relationship with a life insurance company. The transaction was structured with a 10-year loan term on a 25-year amortization schedule. Located in the heart of “Music City,” the Drury Plaza Hotel is situated at the corner of Korean Veterans Boulevard and Third Avenue South in downtown Nashville, Tennessee.
The 22-story hotel, which opened in 2019, features 389 guest rooms and more than 8,000 square feet of meeting and event space. It also has a full bar and restaurant called The Kitchen + Bar @ SOBRO. The hotel is located near the Bridgestone Arena, Nashville Music City Center, and the Country Music Hall of Fame.
“In a difficult hotel lending environment, Jeff and his team arranged an attractive permanent loan for this hotel which contained a forward rate lock and orchestrated a smooth closing,” said Anthony C. Right, SVP and CFO Drury Development Corporation.