Benefit Street Partners has funded a $48.7 million bridge loan for refinancing of the 212-room the Cambria Hotel Austin Downtown.
The 16-story, 223,975-square-foot hotel at 68 East Avenue in the Rainey Street District opened last fall. It has 212 guest rooms and a pool, a fitness center, a 24-hour market, and 15,000 square feet of meeting/event space, as well as a fifth-floor restaurant Graffiti Bar & Restaurant and the Limestone rooftop bar.
Cambria owners will use the bridge loan to pay off construction debt and fund an upfront reserve.
Charlie Ryan of Atlanta-based Hunter Hotel Advisors arranged the loan on behalf of the borrower, a partnership between an affiliate of California-based Stratus Development Partners and Maryland-based operator Choice Hotels International.
