$1,900,000 Hotel Refinance Loan Closed

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $1.9MM refinance loan for a Youngstown, OH Quality Inn.  The borrowers were seeking to replace floating rate SBA debt whereby the interest rate had climbed to almost 10% due to rate hikes.

513 Capital was able to arrange permanent conventional financing through a regional bank. The 5 year fixed loan featured a 7.3% fixed interest rate and a 25 year amortization. The borrower is able to refinance with current lender or sell without prepayment penalty. There is also an option to extend for another 5 years at the end of term.

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

Trackback URL https://513cap.com/1900000-hotel-refinance-loan-closed/trackback/