$10,500,000 Hotel Acquisition and PIP Loan Closed

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $10.5MM, 80% of cost, acquisition loan for an Ohio Hotel Property.  The loan was completed with a bank partner/interim lender, and approved with a SBA 504 debenture.

The borrower, who is a regional hotel owner an operator, won the property at auction being sold by a REIT. 513 Capital was able to arrange a 504 structure that resulted in just 20% down. Attractive rates and terms on both the senior lender and the SBA debenture fixed at 6.1%. This is our second hotel acquisition this year with the borrowing group. They plan to convert the hotel to a Candlewood by IHG.

513 Capital specializes in bank, SBA, CMBS, and private commercial real estate funding.

Trackback URL https://513cap.com/10500000-hotel-acquisition-and-pip-loan-closed/trackback/