RENAISSANCE DALLAS AT PLANO LEGACY WEST PORTFOLIO
6007 Legacy Drive, Plano, Texas 75024
BORROWER’S DESIRED RESULT
Sponsors Daniel and Sam Moon selected 3650 REIT as they were seeking a lender with which they could maintain a meaningful, long-term commercial relationship, and that was focused on asset management for the refinance of their full-service hotel. The locally based sponsors developed the 304-room Renaissance to serve as a generational family asset and accordingly desired a hands-on lender with a long-term view.
3650 REIT originated this loan for veteran sponsors Sam and Daniel Moon, who have curated an extensive real estate portfolio in the Dallas-Fort Worth area over the last 20-plus years. The new capital will refinance the Renaissance by Marriott-flagged hotel to ensure enhanced and prolonged value while positioning the asset for long-term stability. The property has seen significant demand from visitors, and operates from within the 250-acre Legacy West urban village. The Legacy West is the largest mixed-use retail destination in North Texas, and features high-end retail brands such as Coach, West Elm, Starbucks Reserve and Tesla, and notable office tenants including Toyota Motor North America, Liberty Mutual Insurance, J.P. Morgan Chase & Co. and NTT Data.
LOAN AMOUNT: $90 million
LOAN TYPE: 10-Year
ASSET: Flagship Hotel
- Built in 2017
- Includes nearly 35,000 SF of versatile venue space
- Centrally located in and developed alongside the dynamic Legacy West urban village
- Only full-service, premium hotel in the southwest quadrant of Dallas North/Sam Rayburn
- Legacy West includes 600,000-plus SF of upscale retail and office space, 1,000-plus residential units