NEWSTREAM COMMERCIAL COMPLETES $11.2 MILLION FINANCING ROUND LED BY SPECTRUM ORIGINATION LLC, IN PREPARATION FOR NEW UNSCRIPTED HOTEL BY DREAM HOTEL GROUP
Commercial Real Estate Development Company Secures 12-Acre Site to Develop First Ground-Up Unscripted Hotel by Dream Hotel Group FLOWER MOUND, TEXAS (September 27, 2017) — Newstream Commercial today announced $11.2 million in private financing for the acquisition and development of a 12-acre commercial site located in the heart of the Lakeside DFW upscale community of Flower Mound, Texas.
Spectrum Origination, LLC provided a $7.1 million variable-rate land acquisition and development loan. Spectrum Origination is an affiliate of Spectrum Group Management LLC, a New York based, registered investment advisor.
Private equity investors contributed $4.1 million of equity capital to secure the transaction in preparation for its Unscripted Hotel anchor tenant.
Located at 500 Long Prairie Road in the town of Flower Mound, Texas, just five miles and two green lights north of Dallas-Fort Worth International Airport, the Lakeside Crossing development will include a 66,200-square-foot, five-story hotel and hospitality venue by Dream Hotel Group, 15 three-story luxury townhomes by Dynasty Luxury Homes, four professional office buildings and two exclusive retail and restaurant facilities, all totaling more than 200,000 square feet of prime commercial real estate.
The upscale hotel will be part of Unscripted Hotels, a new lifestyle and hospitality concept designed for the progressive creative traveler by Dream Hotel Group. Slated to open in 2019, Unscripted DFW will feature 134 guest rooms and suites, a full-service restaurant, a spacious rooftop lounge with dramatic sunset views and live entertainment overlooking Lake Grapevine, and nearly 4,000 square feet of meeting space.
The site plan was developed by locally recognized G&A Consultants engineering firm and Marcus Trimble, AIA, Professional Architecture & Design.
The financing placement team was led by George Galloway of Galloway & Gilliland Law Firm and Rob Lawson, COO/CFO and partner of Newstream Commercial, LLC.
Scott Tarwater, President of Newstream Hotels and Resorts, was instrumental in locating this site and obtaining proper zoning approval, stating: “Lakeside Crossing will be the gem of Flower Mound, bringing a unique blend of upscale modernism and town culture together in a beautiful natural setting.”
Tim Nystrom, President/CEO of Newstream Commercial, set the foundation for the vision of Newstream Commercial, noting: “It is a beautiful thing when your vision becomes reality and we thank all of our partners and supportive relationships for making this dream come true. We especially want to thank Flower Mound Mayor Tom Hayden and his team of professionals who worked tirelessly to support Lakeside Crossing.”
ABOUT DREAM HOTEL GROUP
Dream Hotel Group is a hotel brand and management company with a rich, 30-year history of managing properties in some of the world’s most highly competitive hotel environments. Home to its Dream Hotels, Time Hotels, The Chatwal and Unscripted Hotels brands, Dream Hotel Group encompasses three business lines: Proprietary Brands, Hotel Management and Dining & Nightlife. The Company is committed to the philosophy that forward-thinking design, service and guest experiences should be available across market segments. Dream Hotel Group is dedicated to offering travelers an authentic connection to their chosen destination through a truly original approach. www.dreamhotelgroup.com
ABOUT NEWSTREAM HOTELS AND RESORTS
Newstream Hotels and Resorts is the hospitality division of Newstream Commercial, a Dallas commercial real estate development company founded in 2015. Newstream prides itself on offering exceptional commercial property development founded on core Christian principles and bringing a high degree of character and trustworthiness. Newstream has recently completed 2 mixed-use commercial buildings in Roanoke, Texas featuring Craft & Vine Taproom & Eatery, Wise Guys Pizzeria, Foster’s fine sushi and Newstream Commercial’s new corporate headquarters. www.newstreamcommercial.com
ABOUT SPECTRUM GROUP MANAGEMENT, LLC
Founded in 1999, Spectrum Group Management is an alternative asset management firm that focuses on investing in the real estate, high-yield, special situations, and asset-based credit markets.
Newstream Commercial, COO/CFO & Partner
Town of Flower Mound, Communications Manager
Dream Hotel Group, Vice President, Communications & PR
PETER M. LOCKE
Spectrum Group Management LLC, Principle/Head of Real Estate Investing