RENAISSANCE DALLAS AT PLANO LEGACY WEST PORTFOLIO

CASE STUDY

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.

PROJECT OVERVIEW

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.

SNAPSHOT

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