BALTIMORE — M&T Realty Capital Corp. has provided a $76.2 million bridge loan for the GoodHomes portfolio owned by GoodHomes Communities and PILOT Real Estate Group. The portfolio consists of five former hotel properties that have been converted to workforce housing, totaling 886 units. The properties are located in Detroit, Fayetteville, North Carolina, Groton, Connecticut, and Warwick, Rhode Island. The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization. Four of the five properties benefit from local tax abatement programs that require rent restrictions. Specifics were not disclosed. The joint venture between GoodHomes Communities and PILOT Real Estate Group has acquired approximately 2,000 units through similar hotel-to-multifamily conversions.
GoodHomes Detroit, pictured, is one of five former hotel properties that have been converted to workforce housing. A joint venture between GoodHomes Communities and PILOT Real Estate Group is the owner.
Joint Venture Lands $76 Million Bridge Financing for Hotel-to-Multifamily Portfolio
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