$10,625,000 Closed Courtyard Hotel Acquisition & Renovation

513 Capital, is pleased to announce the closing of a $10,625,000 hotel acquisition and renovation loan for a 150-key Full Service Courtyard by Marriott. The hotel was acquired by an experienced ownership group who will implement an extensive property improvement plan in order to bring the hotel up to the highest brand standards.

513 Capital advised and arranged a non-recourse loan facility which featured a 3 year interest only term with 2 one-year extension options. The loan leveraged to almost 79% loan to cost at LIBOR + 575 basis points. Daniel Redlinger was able to arrange the full request through an east coast CDO.

513 Capital arranges capital through a broad range of capital sources from hedge funds, life companies, CMBS, private investors, SBA, to regional and national banks. 513 Capital focuses on debt placement for improved commercial real estate properties and business finance transactions nationwide.