New boutique hotel secures financing to rehab historic building

Our client’s need

The historic Hotel Northland in Green Bay, Wis. had been sitting dormant for years when Iowa-based Frantz Community Investors, LLC purchased the property and took on the challenge of restoring the hotel to its former grandeur. 

Baker Tilly solution

The project finance team at Baker Tilly Capital, LLC worked with the development team to prepare a comprehensive financing package to fully fund the $43.0 million transformation from vacant building to 160-room boutique hotel. Leveraging deep industry relationships, our team developed a targeted list of banks and identified the permanent and bridge lenders. Baker Tilly Capital provided financial modeling and project structuring for the historic tax credit portion of the project, which resulted in additional project equity through state and federal historic tax credits. In addition, to complete the financial stack, Baker Tilly Capital worked closely with state and local officials to receive additional financial assistance for the project.

Results

Baker Tilly Capital worked side by side with the development team throughout the entire transaction, providing financial modeling and project structuring services, sourcing permanent and bridge financing, assisting with lender negotiations, securing government assistance, and providing overall support to the development team. By working as a cohesive team, Baker Tilly Capital and Frantz Community Investors were able to successfully complete the financing of Hotel Northland. 

“Baker Tilly Capital’s breadth and depth of expertise in project financing was instrumental in getting this project completed. I couldn’t imagine working on a project like this without a partner like Baker Tilly Capital.” 

 

– Mike Frantz, Executive Director, Frantz Community Investors, LLC

For more information on this deal, or to learn how Baker Tilly Capital specialists can help, contact our team.

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