Stonehill, a direct hospitality lender, is actively providing permanent loans, bridge loans, mezzanine loans and preferred equity investments secured by hotel assets. Founded in 2013, Stonehill provides creative finance solutions for acquisitions, recapitalizations, refinancings, and renovations. The principals of Stonehill have combined to originate and structure over $3.0 billion of hospitality debt, and since closing their first fund in 2014, Stonehill has completed more than 80 transactions totaling over $1 billion.
| Programs | Permanent | Bridge | Construction | Mezzanine | Preferred Equity | PACE | Retro PACE | Note Purchases |
|---|---|---|---|---|---|---|---|---|
| Amount | $5 million to $50 million | $10M – $50M | $10 million to $50 million | $2M – $20M | $3M – $20M | $1M – $50M | $1M – $50M | $5M – $50M |
| Rate | Fixed 4.5% to 6.5% | Fixed/floating 7 – 9% | Fixed or floating 7.0% to 10% | Starting at 14% | Starting at 13% | Fixed starting at 5.75% | Fixed starting at 5.75% | Variable |
| Amortization | 20 to 30 years | Interest only | Interest only available | Interest only or matched to senior |
N/A | Up to 30 years | Up to 30 years | Variable |
| Purpose | Acquisitions and Refinances (other scenarios considered) | Acquisitions Recapitalization Construction Takeout PIP/Renovation, Conversions Gap Financing |
Construction | Acquisitions Recapitalization Construction Takeout PIP/Renovation Conversions Gap Financing |
Acquisition Recapitalization PIP/Renovation Rescue Capital CMBS Loan Assumption Partner Buyout |
New Construction, Renovation, Recapitalization | Create liquidity for eligible projects under construction or completed within the last 36 months in CA, CO, CT, DC, FL, MI, MO, NE, NY, TX, PA, OH, UT, WI |
Acquire performing, sub-performing, and non-performing loans secured by hotel properties |
| Loan To Value | Up to 75% LTV | Up to 75% LTV | Up to 80% LTV | Up to 75% LTV | Up to 95% LTV | Up to 30% | Up to 30% | Variable |
| Loan To Cost | Up to 80% LTC | Up to 75% LTC | Up to 80% LTC | Up to 75% LTC | Up to 95% LTC | 30% | 30% | Variable |
| Loan Term | 5, 7, or 10 years | 2 to 5 years | 3 to 5 years | Matched to senior loan | N/A | Up to 30 years | Up to 30 years (no payments up to 2 years) |
Variable |
| Loan Fee | 0% | 1% to 2% | 1% to 2% | 1% to 2% | 2% | 1% to 2% | 1% to 2% | N/A |
| Guarantees | Non-recourse with exception of carve outs | Recourse and non-recourse | Recourse and nonrecourse. Completion Guarantees required | Recourse and non-recourse | N/A | Non-recourse and flexible prepyament |
Non-recourse and flexible prepyament |
Recourse and non-recourse |