The financing is structured in two components: refinancing and retiring existing construction debt on Suburban Capital’s four-property Virginia portfolio, comprising properties in Lynchburg, Roanoke, Yorktown and Richmond, and financing the acquisition of WoodSpring Suites Richmond North in Ashland. CooperWynn structured and timed the process so that both transactions closed concurrently with a single lender, eliminating the execution complexity and timing risk of separate acquisition and refinance closings.
The four existing properties, all built in 2022 or later, were performing at a going-in debt yield exceeding 15% at closing. The newly acquired Ashland property, opened in August 2023, is positioned along the I-95 corridor approximately 15 miles north of downtown Richmond. All five assets are managed by Hotel Management and Consulting (HMC).
“Suburban Capital had built a high-performing portfolio and identified an opportunity to add a fifth asset in an adjacent market,” said Keaton Quigley, VP, CooperWynn Capital. “By aligning the acquisition timeline with the refinancing process, we were able to deliver a single closing that accomplished both objectives under one capital structure. Executing a transaction like this requires lender confidence in both the sponsor’s operational track record and long-term strategy.”
Banning Stiffler, partner, Suburban Capital, said, “CooperWynn Capital was a great partner to us throughout this process. This transaction was a meaningful milestone for our portfolio, and CooperWynn was able to get it done seamlessly. They understood our objectives and delivered a streamlined financing solution that supports both our existing portfolio and our continued growth. We look forward to continuing to work together.”
Tags: Keaton Quigley, CooperWynn Capital Banning Stiffler, Suburban Capital WoodSpring Suites properties
