Machine Investment Group has announced the $208 million recapitalization of a hospitality portfolio located in Hollywood, CA. With the package, sponsor Relevant Group can complete the construction of the two hotels by this summer.
The portfolio, which is under construction, includes the Thompson and tommie branded hotels and event and food and beverage spaces in the Citizen News Building. The $208 million whole loan moves the previous senior mortgage held by Calmwater Capital to a $136 million A-note and incorporates a $72 million B-note originated by Machine. A joint venture sponsored by affiliates of Machine Investment Group and Taconic Capital provided the B-note.