Paceline Equity Partners Affiliate Acquires Business Loan Guaranteed by Sheraton Needham Hotel in Metro Boston
DALLAS – (COMMERCIAL THREAD) – A subsidiary of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that it has acquired a commercial loan secured by a first mortgage on a Sheraton hotel in the Boston suburb of Needham, Massachusetts from a regional bank. The acquisition was finalized in January 2021.
The Sheraton Needham Hotel is a 247-room full-service hotel with a full range of amenities. Just outside of Boston, the hotel is conveniently located on I-95, in the 41-acre Needham Crossing business district, and is home to a diverse tenant base, including offices, flexible / industrial housing, collective housing and retail.
“This commercial lending and Sheraton Needham’s collateral strength are supported by the long-term fundamentals of the Needham submarket, which benefit from attractive local demographics and various demand drivers including business travelers, business travelers, ‘education, health and recreation,’ said Sam Loughlin, Chairman and CEO of Paceline. “While we have taken a cautious view of the recovery timeline for the Greater Boston Area and the entire US hospitality industry, this investment is supported by Paceline’s rigorous underwriting process and extensive experience in delivering navigation through previous hotel cycles, and we will continue to identify investment opportunities in the commercial real estate sector.
“The track record and experience of Paceline’s management team in acquiring and granting performing and non-performing commercial mortgages, and investing in the hospitality industry, both as a lender and owner, position Paceline as an ideal lender for the current owners of the Sheraton Needham, ”added Leigh Sansone, chief investment officer of Paceline.
About Paceline Equity Partners
Paceline is a Dallas-based private equity manager focused on value-driven, opportunistic and special-situation investments in corporate credit, real assets and private equity. The members of the Paceline management team have an average of 20 years of professional experience. Prior to the creation of Paceline, the management team worked together for approximately 10 years at a global private equity manager and its subsidiaries. For more information, please visit www.pacelineequity.com.