PROPERTY TYPE | FULL SERVICE, BOUTIQUE LODGING FACILITY
SIZE | 73,307 SQUARE FOOT HOTEL ON .48 ACRES
ASSIGNMENT TYPE | CONVENTIONAL | CONSTRUCTION | PACE LOAN | TAX CREDITS
THE BORROWER | Owners of DJ Investment Realty, LLC (“DJ Realty”), Jason Beyer and Dennis Funderburgh, are prominent figures in the Texas Beef Industry who own a commercial meat processing and packing business in Dublin, TX. The business processes and packages meat for sale to wholesale distributors, restaurants, and retail locations. The Barfield Building, originally opened in 1926 as the Oliver Rea Eakle Building, has often been referred to as Amarillo’s first skyscraper. The building has remained vacant since the early 1990s, and DJ Realty was determined to turn this into their next investment.
THE CHALLENGE | Given the refurbishment of a historic building, the project qualified for federal and state tax credits. Preserving the historical aspects of the building during major construction, combined with a management team lacking hospitality experience, created roadblocks for this borrower in finding the needed financing. Nevertheless, still motivated to expand its portfolio, DJ Realty continued its efforts to find a lender who could see its vision.
THE SOLUTION | Enter Stonebriar Commercial Finance Real Estate Group (“SCF REG”). SCF REG worked alongside Twain Financial Partners and Enhanced Capital who contributed the PACE and tax credit bridge loans respectively. SCF REG was able to navigate this complex tax credit and PACE loan transaction and ultimately charted a clear path making this vision a reality for DJ Realty. Construction, spearheaded by Core Construction, is expected to take 12-14 months before opening to the public. “The team at SCF REG is all about bringing Wall Street to Main Street. Initially, it was equally as clear that while this project had many merits to it, it was going to require a substantial amount of work on all ends to reach the finish line,” Travis Bell, Loan Officer for SCF REG recalled. “For SCF REG, the story is the most important part – if we can get behind the story, we know we can get behind the project. After getting to know the key players and the story behind The Barfield Building, we knew this was a project we had to be part of to really contribute to the Amarillo community. I am looking forward to booking the first available room at The Barfield and lounging in the speakeasy to watch a ballgame.”
THE RESULTS | The Amarillo, Texas market is lacking a true full-service boutique hotel experience with authentic, scratch kitchen culinary and bar atmosphere. SCF REG financed $14.9MM for the renovation of the historic Barfield Building in downtown Amarillo to transform it into an upscale Marriott Autograph Collection hotel. The hotel will consist of 112 rooms and provide the only near-luxury hospitality experience in Amarillo to date. The hotel will feature a lobby, bar, speakeasy, and meeting space, situated in the core of the central business district in Amarillo, furthering the growth and economic development of this city.
For more information contact:
|Curtis Valenzuela, EVP Sr. Managing Director||714.595.1696||Curtis.Valenzuela@StonebriarCF.com|
|Ryan Ellis, Director||972.658.5136||Ryan.Ellis@StonebriarCF.com|
|Travis Bell, Commercial Loan Officer||972.896.9596||Travis.Bell@StonebriarCF.com|
|Nick Wall, Commercial Loan Officer||214.385.0969||Nick.Wall@StonebriarCF.com|
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