$3,000,000 Hotel Acquisition and PIP Loan Closed

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $3MM, 80% of cost, acquisition loan for an Meridian, Mississippi Hotel Property.  The loan was completed using an SBA 7a Preferred Lending Partner.

The borrower, who is a first time hotel buyer and local to the property, engaged 513 Capital to arrange financing. The property was flagged as a LaQuinta and as a result of the purchase will be a Baymont. The change in ownership and flag, required a modest PIP which was part of the capital stack. 25 year fully amortizing financing on a WSJ P +1.5% with declining 5,3,1 prepayment penalty.

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

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