Urban Street Development and Berkadia have successfully secured a $38.5 million loan to support the expansion of Hotel Indigo Tallahassee – CollegeTown, located at 826 Gaines Street near Florida State University.
In order to add on to the existing hotel, Urban Street recently acquired an adjacent .43 acre parcel. The expansion will increase the number of rooms from 143 to 237 and also include 5,500 square feet of retail space on the ground floor facing Doak Campbell Stadium.
Berkadia’s Brad Williamson, Mitch Sinberg, and Harry Mancera worked together in arranging this financing package for Urban Street. The five-year loan was provided by Synovus Bank and includes funds for both refinancing Phase I (completed in 2020) which consists of a seven-story mid-rise with 143 rooms as well as construction costs for Phase II which is expected to be completed in 2026 with an additional 94 keys. Construction has already begun on Phase II.
The article can be summarized as: “Urban Street Development and Berkadia secure $38.5 million loan for Hotel Indigo Tallahassee – CollegeTown expansion project near Florida State University.”
