Bank of America, a lender, has led a $648 million financing round in a joint venture (JV) of U.S.-based hotel owner MCR and real estate developer Building and Land Technology (BLT).
U.S.-based financial services company Wells Fargo and two other lenders also participated in the financing round.
The joint venture will use the proceeds to repay its current loans and returned capital.
With this financing round, joint venture expects a great lending relationship, strong joint venture partnership and MCR’s operational expertise to serve its customers.