Access Point Financial LLC (APF), a leading direct lending and specialty finance company focused exclusively on the hospitality industry, exceeded its loan production target for the year.
As of April 1, the APF has set a target of $ 400 million in loan production. Today, the company is on track to close more than 60 deals totaling $ 730 million, an 83% increase from its budgeted production of eight months ago.
“When I became CEO in April, we set ourselves a target of targeting $ 400 million in loan production,” said Michael Lipson, CEO of Access Point Financial. “It was an ambitious goal as we emerged from a tumultuous 2020 due to the COVID-19 pandemic. This meant that there was no margin for error and that we had to be sure that we made the best possible loans. I’m proud of everything the team has accomplished this year. Special thanks to Bruce Lowrey, Director of Loans, who oversees origination, credit, underwriting and asset management. We look forward to continuing the success until 2022. ”
“We were delighted to be working with Access Point on a series of development grants for our economic extended stay strategy with the WoodSpring Suites brand,” said David Smith, senior manager of Whitman Peterson. “Their company came to the table with enthusiasm and extensive industry experience, which allowed them to immerse themselves very quickly in our projects and our general investment thesis in the sector. Throughout the creation and closing process, we found the entire team to be very organized, professional and responsive which made for a smooth execution. As a lending partner, Access Point has kept their promises and we would love to work with them again.
Some key transactions closed to date:
- $ 23 million refinancing of the Leveque Hotel, Autograph Collection by Marriott, in Columbus, OH, owned by First Hospitality.
- $ 34.74 million for the acquisition and conversion of the Holiday Inn River North at the Mart in Chicago into a dual-brand Holiday Inn & voco by IHG for Murphy Development Group.
- Senior loan of $ 15.7 million for the acquisition by Rolling Hills Hospitality of the Holiday Inn Express & Suites in Louisville.
- Senior loan and mezzanine loan of $ 16.4 million for the refinancing of Century Group Tryp by Wyndham in Pittsburgh.
- Funding of $ 31.8 million for four WoodSpring Suites development agreements for a joint venture partnership with Whitman Peterson and Concord Hospitality.
“APF has taken the time to understand the nuances of this complex refinancing as it has unfolded over several months,” said Danny Aderholt, founder of Century Group. “Equally important, they also took the time to listen and understand what was important to us. APF’s creativity, patience and ability to focus on “the few criticisms” are what sets them apart and makes us look forward to the next transaction with them. “
Access Point Financial is backed by Wafra Capital Partners. The company focuses on mid-to-high-end hotels, from limited / selected service to extended stay and compact full service in the Top 100 MSA. Access Point Financial loan programs are typically used for acquisition, refinancing, conversion, renovations, and new construction opportunities.