Real estate crowdfunding platform RealtyShares announced last week it has financed several commercial properties in Texas. The funding portal revealed that a total of $10.1 million was raised for Sheraton DFW Airport Hotel and Texarkana Multifamily Portfolio.
RealtyShares reported that it secured $2.4 million equity investment for a 302-room, full-service Sheraton hotel in Irving, Texas. The property is just 15 miles from downtown Dallas and includes three restaurants, 23 banquet and meeting rooms, and one of the largest event spaces in the area. The hospitality equity transaction was sponsored by The Buccini/Pollin Group (BPG). Brandon Flury, vice president at Buccini/Pollin, stated:
“BPG is excited to partner with RealtyShares on our acquisition of the Sheraton DFW. RealtyShares’ knowledge of and track record within the Dallas market provided an efficient and seamless capital raising execution for us. We appreciate and value the institutional-quality team of real estate professionals assembled, technological sophistication and infrastructure employed, and overall growth of the platform, and look forward to expanding our relationship together on future opportunities around the country.”
Akshay Verma, associate director at RealtyShares, also commented:
“RealtyShares has been active in hospitality financing and continues to seek out quality real estate companies in that sector that operate in primary markets like Dallas. Buccini/Pollin has a strong reputation in the hotel industry, and we’re excited to be developing a long-term relationship with such an experienced and trusted hospitality sponsor.”
Meanwhile, RealtyShares recently also closed over $7.7 million in loans on a portfolio of seven multi-family properties, many of which are located in or around Texarkana, Texas. The debt capital, structured as individual bridge loans, was raised both from institutional partners and from individual investors on the crowdfunding platform. Nick Fletcher, director of commercial debt originations at RealtyShares, added:
“This collection of properties is a testament to our capacity to fund projects in markets both large and small. Our platform provides the flexibility to fund deals even in relatively smaller towns where traditional lenders may be constrained. For the Texarkana portfolio, we were able to creatively structure our financing in a way that achieve the sponsor’s objectives.”