Machine Investment Group recapitalizes Hollywood hospitality portfolio

Los Angeles (Hollywood), California, United States

Machine announced a $208 million recapitalization of Relevant Group's under-construction Thompson and tommie hotels and the Citizen News Building in Hollywood. The whole loan recast Calmwater Capital's senior mortgage as a $136 million A-note and added a $72 million B-note originated by Machine, funded by a joint venture of Machine and Taconic Capital affiliates, giving the sponsor money to finish construction. Rosenthal said the deal was sourced off-market.