Knightsbridge arranged a bridge loan to finance the acquisition and conversion of a limited-service hotel property to apartments.

• Property built in 2015 but failed as hotel due to COVID
• 112-unit suite hotel converting to 100 apartment “micro-units”
• Houston, Texas
• Lender targeted a closing date 4 weeks after execution of loan application (though later delayed by seller)  
• Lender maintained loan amount despite 77 bps increase in interest rates between app and closing  
• No rate cap required
• Loan-to-Cost of 66% on a non-recourse basis