At a glance
- The borrower is AJ Capital Partners; GreenOak was formerly known as BGO.
- The loan carries a three-year term and two 12-month extension options, according to sources familiar with the deal.
- At $52 million for 180 rooms, the loan works out to roughly $289,000 a key, a basis allocators can hold against other hotel debt.
GreenOak originated a $52 million loan for the 180-room Graduate by Hilton Princeton in New Jersey, Commercial Observer reported, citing sources familiar with the deal. The borrower is AJ Capital Partners; GreenOak was formerly known as BGO.
The loan carries a three-year term and two 12-month extension options, according to sources familiar with the deal. The hotel at 10 Chambers Street sits across from Princeton University and opened in 2024. CBRE's Tom Rugg, Tom Traynor and Henry Fenmore arranged the financing.
At $52 million for 180 rooms, the loan works out to roughly $289,000 a key, a basis allocators can hold against other hotel debt. If both extension options are exercised, the loan would run five years rather than three, which affects fund-level duration and refinancing risk.
The Princeton closing follows AJ Capital's $62.5 million loan from Peachtree Group in late August to refinance the Graduate by Hilton Nashville near Vanderbilt University. Nashville-based AJ Capital counts 33 Graduate Hotels properties near universities in the U.S. and U.K.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections