Nashville-based investment firm AJ Capital Partners has completed a refinancing for one of its hotel properties in the US state of New Jersey. According to market sources, lender GreenOak, formerly known as BGO, provided a $52 million loan for the Graduate by Hilton Princeton.
The hotel property at 10 Chambers Street features 180 rooms and is situated in immediate proximity to the campus of renowned Princeton University. The property opened in 2024 and specifically caters to visitors in the university environment.
Terms and arrangement of the transaction
The agreed financing has a standard term of three years. The borrower also holds two extension options of twelve months each. The debt capital was arranged by a team from real estate services firm CBRE, comprising Tom Rugg, Tom Traynor and Henry Fenmore. The parties involved and the broker initially made no official statements regarding the details.
The hotel in Princeton forms part of the Graduate Hotels brand portfolio, which comprises 33 properties in close proximity to major university locations across the United States and the United Kingdom. Alongside this chain, Ben Weprin-led AJ Capital Partners holds global hospitality investments, including the Wedgewood Village project south of downtown Nashville and the Marine & Lawn Golf Hotels brand, which includes Marine & Lawn Rusacks in St Andrews, Scotland.
Follow-on deal after Nashville transaction
The latest closing in New Jersey follows another successful debt capital exercise by AJ Capital Partners. In late August, the company secured a $62.5 million loan from Peachtree Group to refinance the Graduate by Hilton Nashville hotel near Vanderbilt University.
