Refinancing of Philadelphia Hotel

Representation of Cambridge Landmark in the refinancing of the Sheraton Philadelphia hotel through a combination of preferred equity and loans under the Federal Reserve's Main Street Lending Program, a program funded under the CARES Act to provide federally-backed financing to businesses impacted by the COVID-19 pandemic. The 757-room, full-service hotel is located in Philadelphia, Pennsylvania. Representation included parallel negotiations with existing and new investors as well as the lender providing the Main Street loan, and careful coordination of preferred equity provisions to conform to strict Main Street program requirements.