Access Point exceeds 2021 goal with $730M in deals

Access Point exceeds 2021 goal with $730M in deals - Hotel Business | Hotel Business

Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has exceeded its loan production goal for the year.

As of April 1, APF set forth a goal of $400 million in loan production. Today, the company is on track to close more than 60 deals totaling $730 million, an 83% increase over its budgeted production from eight months ago.

“When I stepped in as CEO in April, we set a goal to target $400 million in loan production,” said Michael Lipson, CEO, Access Point Financial. “It was a lofty goal as we were coming out of a tumultuous 2020 due to the COVID-19 pandemic. That meant there was no room for error, and we had to be certain we made the absolute best loans we could. I’m proud of all that the team has accomplished this year. I want to give special thanks to Chief Lending Officer Bruce Lowrey, who oversees originations, credit, underwriting and asset management. We look forward to continuing the success going into 2022.”

“We were pleased to work with Access Point on a series of development financings for our economy extended-stay strategy with the WoodSpring Suites brand,” said David Smith, senior director, Whitman Peterson. “Their firm came to the table with enthusiasm and deep industry experience, allowing them to dig into our projects and our general investment thesis in the sector very quickly. Throughout the origination and closing process, we found the whole team to be highly organized, professional and responsive, resulting in a smooth execution. As a lending partner, Access Point delivered, and we would be delighted to work with them again.”

Some key transactions closed to date include:

  • $23 million refinance of the Hotel Leveque, Autograph Collection by Marriott in Columbus, OH, owned by First Hospitality Group.
  • $34.74 million for the acquisition and conversion of the Holiday Inn River North at the Mart in Chicago to a dual-brand Holiday Inn & Voco by IHG for Murphy Development Group.
  • $15.7 million senior loan for Rolling Hills Hospitality’s acquisition of the Holiday Inn Express & Suites in Louisville.
  • $16.4 million senior loan and mezzanine loan for the refinance of Century Group’s Tryp by Wyndham in Pittsburgh.
  • $31.8 million financing for four WoodSpring Suites development deals for a JV partnership with Whitman Peterson and Concord Hospitality.

“APF took the time to understand the nuances of this intricate refinancing as it evolved over several months,” said Danny Aderholt, founder, Century Group. “As important, they also took the time to listen to and understand what was important to us. APF’s creativity, patience and ability to focus on ‘the critical few’ is what sets them apart and has us looking forward to the next transaction with them.”

Access Point Financial is backed by Wafra Capital Partners. The company focuses on midscale to upscale hotels, from limited/select-service to extended-stay and compact full service in the top 100 MSAs. Access Point Financial loan programs are typically used for acquisition, refinance, conversion, renovations and new construction opportunities.

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Access Point exceeds 2021 goal with $730M in deals