PCCP, LLC has originated a $50.8 million senior loan to AJ Capital Partners for the acquisition of the leasehold interest and re‐positioning of The Commons, an independent, 304‐key, full-service hotel in Minneapolis.
PCCP’s loan will cover future renovations to the hotel.
AJCP plans to relaunch the property as a Graduate Hotel by late 2017. The renovation will include new flooring, wall covering, signage, furniture and other aesthetic and operational improvements.
Built in 1985 and located at 615 Washington Ave. SE, the 304‐rom, eight‐story hotel is located on the main campus of the University of Minnesota. The property features a full‐service restaurant, the Beacon Public House; 20,000 square feet of meeting space; a fitness center; a business center; and complimentary access to the University’s Recreation and Wellness Center.
The hotel also has three commercial spaces, two of which have been triple‐net leased to Applebee’s and Starbucks since 2002.