Summary:
Located in Historic South Downtown Atlanta, The Origin by Wyndham Hotel is a recently completed conversion of a 50s era office building into a boutique hotel,. The six-story building is close to city attractions, such as the Georgia State Capitol and the High Museum of Art. The building, which totals 74.2K square feet, has been reimagined to include 121 guest rooms, four suites, a restaurant and bar, event space, as well as a fitness center. In addition, the lobby features a 50-foot art installation, which is a nod to the area’s thriving arts community.
Opportunity:
Nuveen Green Capital was proud to partner with First Bank (MS) to provide a combined $21.8 million / 17% LTC in construction capital, of the $30.4 million total project cost. The sponsor, a well-capitalized, highly experienced hotel developer, had purchased the property mid-construction and completed the previous developer’s plan, while bringing the property under their own brand, Origin by Wyndham. Nuveen Green Capital provided ~$5 million in C-PACE to refinance building envelope improvements, HVAC upgrades, and LED lighting. By utilizing C-PACE to recapitalize the project, the sponsor was able to pay down the senior lender, while reducing equity and freeing up liquidity.