Canyon Partners Real Estate has provided a $51.5 million senior loan to TMGOC Ventures, a partnership between Opterra Capital and The Montford Group, for the construction of a Charlotte hotel property.
The deal for the Moxy-branded property demonstrates Canyon is thinking longer-term about this segment of the hospitality sector. It also represents Canyon’s second transaction with TMGOC Ventures and its third hotel financing for a Moxy-branded hotel.
The Moxy Charlotte hotel is in Uptown Charlotte and scheduled to open in September 2024. Amenities will include a rooftop terrace, a Starbucks coffee shop and a bar on the top floor.
Sunju Patel, founder and chief executive officer at The Montford Group, describes the area as benefiting from a strong business environment. The area has seen several corporate expansions and relocations, all of which have brought additional business travelers to the city.
“This level of positive activity lays the path for long-term demand for centrally located hospitality assets,” said Patel.
Glenn Alba, chief executive officer at Opterra Capital, added that Uptown Charlotte has more than two million square feet of office space under construction or recently delivered, with large numbers of employees at major companies returning to in-person work. “Moxy Charlotte is perfectly placed to accommodate the upcoming influx of activity,” he said.