Palm Beach, FL – Robb Capital, LLC, CRE Loan and Better Commercial Real Estate Mortgage, Inc. are pleased to announce they have arranged financing in the amount of $42,840,000 for the Le Méridien Dallas by the Galleria.
Le Méridien is a luxurious, 258 all-suite hotel, located in the city’s premiere North Texas Shopping district, and just steps from the world renowned Galleria Dallas Mall, art galleries, museums, thriving restaurant districts, shopping and entertainment.
“We couldn’t be happier with this deal,” says Brian H. Robb, MBA, MSc, President and Founder of Robb Capital, LLC and CRE Loan (a DBA under Robb Capital that focuses solely on their non-recourse platform, with a strong emphasis on commercial mortgage backed securities).
“We are very proud of our team for finding the ideal source partner, which enabled our borrower to secure customized, long-term, non-recourse fixed rate financing with an aggressively priced spread,” stated Eric H. Better, Founder of Better Commercial Real Estate Mortgage and partner in CRE Loan.
According to Mr. Better, two strategic parcels were carved out of the collateral, with the borrower planning to build a convention center and parking structure on these pads. With such diverse plans for the project, this will significantly increase the net operating income, net cash flow, and overall value of the hotel.
“After the market recession, we saw our clients filing corporate and personal bankruptcy to protect their CRE properties, and we saw there was a need for a strong non-recourse financing platform for CRE Loans. Thus, CRE Loan was formed. The Le Méridien financing is the perfect example of how a non-recourse fixed rate request can be customized, without the need for a bridge loan,” stated Brian H. Robb, MBA, MSc.
Financing terms for the Le Méridien include a 10-year, non-recourse term with a 70% LTV and a 30-year amortization.
Mr. Robb is a Real Estate Executive who began his career at the age of 18 and whose path led him to the creation of Robb Capital, a premier commercial real estate finance and advisory firm. Mr. Robb received his MBA with Merit from Imperial College London, a university recently ranked #2 globally. Here he completed a thesis on the BHR Method for Real Estate Recruitment, Lead Generation and Franchise Sales. He also holds a Master of Science in Real Estate from Cass Business School in London where he authored a thesis on Innovative Marketing Methods for the Commercial Real Estate Industry.
Brian H. Robb, MBA, MSc, center above