The LCP Group, L.P. (“LCP”), a vertically integrated, private real estate investment firm specializing in hospitality investing, announced it originated a $45,250,000 construction loan to Sun Development & Management Corp. (“Sun”) to develop The Printing House, a Tapestry by Hilton located in Nashville, Tennessee. LCP partnered with Safanad Limited on the loan origination and syndicated a senior tranche to Knighthead Funding, LLC
The 11-story, 180-room hotel and retail development will have ground-floor retail, three parking levels, an elevated lobby check-in, and guest rooms with views of the Nashville skyline. The hotel’s restaurant and lounge, The Local Kitchen & Tap, will feature an outdoor rooftop pool with a sundeck.
“This is a critical milestone for LCP as it marks our first financing transaction under our new debt platform,” said Francis Lively, President and CEO of LCP. “We see tremendous opportunities to provide creative financing to hotel sponsors and developers as the market recovers from the COVID-19 pandemic. Under Peter Guilfu, our head of Debt Strategies, leadership, we are confident that this is the first of many opportunities for LCP’s debt platform to provide financing solutions for high-quality sponsors in growth markets across the U.S.”
Ratio Architects will design The Printing House, located on the former Johnstone Supply building site. The growing SoBro District of Downtown Nashville, in the southwest quadrant of the intersection formed by 3rd Avenue South and Peabody Street, contains many of the City’s shops, the Country Music Hall of Fame, the Bridgestone Arena, the Nashville Convention Center, and local restaurants, all within walking distance of The Printing House.
Indianapolis-based Sun, a seasoned hotel developer with Hilton Hotels across the United States, will develop The Printing House. Sun currently operates 14 properties with over 1,898 rooms across seven states and has successfully developed over 60 hotels.
Tapestry Collection by Hilton is a portfolio of upscale, original hotels that offers guests unique style and vibrant personality and encourages guests to explore the local destination.
About The LCP Group, L.P.
The LCP Group, L.P. (LCP) is a private real estate investment manager with real estate holdings and assets under management of approximately $1 billion throughout the United States. LCP specializes in hospitality investments and has been actively acquiring strategic hotel assets on behalf of institutional and private equity investors since 1973.