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AJ Capital Refis Graduate Hotels With $304M Loan

Source: commercialobserver.com

TL;DR

AJ Capital refinanced seven Graduate by Hilton hotels with a $303.5 million loan from Aareal Capital and Barings.
The five-year floating-rate loan covers a 1,340-key portfolio near universities like Stanford and Penn State.
It replaces prior financing and taps Hilton's system after AJ sold the brand last year.

The story at a glance

Nashville-based AJ Capital secured a $303.5 million loan to refinance seven properties in its Graduate Hotels portfolio. Lenders Aareal Capital Corp. and Barings provided the five-year floating-rate debt, arranged by CBRE. The deal is reported now as a key financing move for university-market hotels rebranded under Hilton, which AJ sold the brand to last year while keeping property ownership.

Key points

Portfolio includes 1,340 keys across seven hotels: Annapolis (U.S. Naval Academy), Columbus (Ohio State), East Lansing (Michigan State), Eugene (Oregon), Fayetteville (Arkansas), Palo Alto (Stanford), and State College (Penn State).
Barings funded the mezzanine portion; Aareal Capital the senior mortgage.[[1]](https://commercialobserver.com/2025/09/graduate-hotels-hilton-loan/)[[2]](https://www.barings.com/en-us/guest/contact/media/news/barings-and-aareal-capital-corp-provide-303-million-debt-package-for-graduate-by-hilton-7-pack)
CBRE's team—Tom Traynor, Tom Rugg, Mark Finan, Henry Fenmore—handled arrangement.
AJ Capital launched Graduate in 2014; sold brand rights to Hilton last year; now over 35 properties total under Hilton franchises.
In 2021, portfolio got $225 million preferred equity from Acore Capital post-COVID college restrictions.

Details and context

AJ Capital owns the real estate for a collection now operated as Graduate by Hilton franchises, benefiting from Hilton's booking and loyalty networks. The seven properties sit in strong university towns, which helped weather pandemic hits when campuses shut down.

This refi follows the 2024 brand sale and comes amid active hotel financing, like a later $406 million deal for 15 Graduate properties in 2026. No specific prior loan details are given, but the new debt refinances existing obligations.[[3]](https://www.stocktitan.net/news/SUNS/sunrise-realty-trust-commits-48-million-to-a-senior-whole-loan-to-n6pij7y5jxtk.html)

Key quotes

“With close proximity to vibrant campus communities and local amenities, we believe these properties are positioned for strong performance and long-term value creation.” — Ryan Naumes, managing director with Barings.[[1]](https://commercialobserver.com/2025/09/graduate-hotels-hilton-loan/)

Why it matters

University-anchored hotels like these show steady demand tied to education hubs, even after pandemic strains. For investors and owners, it signals confidence in branded operations via Hilton and available debt for refis. Watch for performance metrics or further portfolio deals, as larger refinancings have followed.