Capstone Reopens The Renwick Hotel After Buying Its Defaulted Debt
The hotel finally reopened last month after shuttering for two years during the COVID-19 pandemic.
Capstone is now the historic hotel’s owner after its previous proprietor, Meadow Partners, defaulted on the property’s $46 million mortgage in April 2020. The hotel’s lender, Heitman Capital Management, sold the defaulted note to Capstone in January for a “substantial discount,” sources said, and Meadow Partners cooperated with a “friendly deed-in-lieu” to transition the keys over to Capstone.
Maxim Capital Group is said to have provided a $15.5 million loan for the note purchase.
Read the full article here: https://commercialobserver.com/2022/05/capstone-renwick-meadow-maxim/