N
exPoint Diversified Real Estate Trust (NYSE: NXDT) and its partner Alamo Manhattan have successfully refinanced the Marriott Dallas Uptown, a 255-key hotel in the Uptown submarket of Dallas. The new $95 million financing includes $87.5 million in initial loan proceeds to replace outstanding debt, as well as two future-funded earnout facilities that could provide an additional $7.5 million in capital.

    The refinancing results in significant interest expense savings and provides approximately $19 million in cash proceeds for NXDT and Alamo Manhattan collectively. NXDT's share of these proceeds is roughly $15 million, with the potential to access an additional $6.5 million if the earnout facilities are exercised.

    "We're pleased to complete this refinancing, which brings significant benefits to both NXDT and the Property," said Matthew McGraner, NXDT Chief Investment Officer and Executive Vice President. "It affirms the quality of the asset and builds positive momentum for NXDT."

    The 14-story hotel is located at 3033 Fairmount Street in Dallas's Uptown neighborhood, which attracts young professionals and business travelers due to its proximity to many businesses in Uptown and Downtown. The Property offers approximately 13,000 square feet of meeting space and a range of amenities.

    NexPoint Diversified Real Estate Trust is an externally advised, publicly traded REIT focused on acquiring, developing, and managing opportunistic and value-add investments throughout the United States.