BHR - Braemar finalizes mortgage loan extension for Hotel Yountville
2023-04-18 17:57:20 ET
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Braemar Hotels & Resorts ( NYSE: BHR ) said Tuesday it finalized an extension of its $51.0 million mortgage loan for the 80-room Hotel Yountville.
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The loan is being extended beyond its original maturity in May 2023 for an additional 6 months with one additional 6-month extension available.
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As extended, the loan will have a rate of SOFR + 2.55% that will reset to SOFR + 3.50% on July 1, 2023.
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Braemar said has purchased a SOFR interest rate cap at a strike of 5.25% with an expiration date of November 10, 2023 in conjunction with the extension.
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The company said it is also working with its lender on an extension or refinancing of its mortgage loan secured by the Bardessono, which has a final maturity in August 2023.
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Braemar finalizes mortgage loan extension for Hotel Yountville