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Hotel Financing & Asset Management: A retired architect turned-hotelier built an award winning project in a tertiary Virginia market. The boutique hotel and restaurants were wildly successful, but as fate would have it a debt maturity and major new competitor opening were scheduled in the same calendar year. This was an independent hotel at the foothills of the Appalachian Mountains, with less than 50 rooms and two-thirds of its revenue was generated from food and beverage sales. Oh, and there were multiple mortgages, two operating companies, 60+ partners and a landlord/tenant structure. Not your typical refinancing for a stabilized, branded hotel... The professional management company recommended the owners engage Denton Realty Company to solve this puzzle. We developed a financing strategy, orchestrated a merger of the landlord/tenants, authored a financing package and procured multiple refinancing term sheets from both local banks and non-recourse lenders. Ultimately, the $9+million loan was closed with sufficient funds to takeout the existing lenders and fund capital improvements, and it incorporated a cash-out provision.


New Business Purchase: The customer called us to inquire about buying a self-storage facility. They had not owned or operated one previously, nor had they been through the process of financing an income property. Denton Realty Company identified several potential properties, negotiated favorable terms for the purchase agreement, assisted our new clients with due diligence/underwriting and guided them through the commercial loan process. As is typical, the transaction had a few hiccups but we found creative solutions and ultimately closed on their purchase.


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Hotel Brokerage:  When an owner/operator decided it was time to sell a non-core hotel in their portfolio, Ed Denton was tasked with brokering the deal.  Confidentiality was of paramount importance as the owner did not want their employees, lender or franchise prematurely alerted to the potential sale.  Mr. Denton developed a customized marketing strategy, identified a short list of known and capable prospective buyers, authored a high-quality offering memorandum and successfully solicited multiple offers.  The asset was sold in a notably smooth transaction, achieving the client’s objective with minimal disruption to hotel operations.

 


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Bank Consulting / Receivership: A community Bank engaged Mr. Denton with less than two weeks notice to takeover a portfolio of ten apartment properties. Mr. Denton was appointed as receiver by a Virginia Circuit Court under an emergency court order and then immediately took over possession and management of the properties. After stabilizing the assets and addressing immediate tenant and life-safety concerns during the first 45 days, Mr. Denton developed and executed a marketing strategy for the portfolio. After receiving multiple offers, he negotiated the sale of the properties individually to maximize value. The portfolio sold for 98% of the appraised value and the Bank was able to book a recovery.


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Distressed / Special Assets Resolution:  Mr. Denton was tasked by a bank client with selling a pair of distressed hotels.  They were nationally franchised with Wyndham brands but suffered from significant deferred maintenance.  After taking possession of the properties through court-appointed receivership, Mr. Denton took them to market with a wide-net marketing campaign.  Within two weeks, multiple offers were received and Mr. Denton brokered the successful sale of each property above the bank’s expected sale price.


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Acquisition Sourcing: Working with a private equity investment firm, Mr. Denton sourced a portfolio of five nationally franchised, upscale hotel properties spread across three states. Mr. Denton negotiated the purchase terms with the seller, underwrote the portfolio, negotiated franchise terms and assisted with securing a joint-venture partner and lender for this $68,500,000 transaction. In cooperation with the operations team, franchisors, attorneys and equity and debt partners, Mr. Denton orchestrated the simultaneous multi-state closing under a private REIT structure.


Law Firm Relocation: A local law firm had been in the same building for nearly 20 years. The space worked for them, but it was an inefficient layout in an expensive building. The idea of moving was daunting, but overhead costs were creeping and it was time. The new space had to be convenient and affordable, while reflecting the professionalism and stature of this small firm. After an exhaustive search, we identified the building, negotiated a subdivision of available space and secured lease terms that were favorable to the tenant. Meanwhile, the firm's staff and attorneys were able to stay focused on their clients.


New Business Startup: As is often the case, an entrepreneur called their residential REALTOR® for help finding a spot for their new business. That agent in turned called us to help; recognizing that leasing commercial property is very different than selling homes. We met with the partners and learned that the business model was unique - part gym, part co-working space. In essence, a space for independent physical therapists to meet their clients for sessions. If you know anything about commercial space, you know that sub-leasing is a hot topic with landlords. Chris found our new clients a building that was the right price, in the right location and successfully negotiated a lease for their unique use. The business was up and running in 60 days.