TriGate Capital announces the resolution of the Southeast Hotel Loan Portfolio
With the payoff of the Loan secured by the Burgess Hotel in the Buckhead submarket of Atlanta, GA, TriGate Capital is pleased to announce full realization of the Southeast Hotel Loan Portfolio. TriGate Property Partners IV, L.P. acquired seven sub-performing loans from a regional bank in December, 2020. The underlying collateral consisted of 714 keys across six select-service hotels and one full-service hotel with major brands. The acquisition was financed with a loan-on-loan facility from Wells Fargo Bank. TriGate internally serviced the loans and closely asset managed as needed to manage through the pandemic. Three of the loans were sold above par in April 2022 and four of the loans were paid off in full by the respective borrowers.
TriGate Capital has a long history of acquiring real estate loans from lenders and is actively seeking new loan acquisition opportunities.