$3,300,000 Hotel Renovation Loan Closed

513 Capital, a Cincinnati-based finance intermediary, is pleased to announce the closing of a $3.3MM hotel loan refinance + PIP money in Sellersburg, Indiana.

The owners of a 77-key Quality Inn were seeking to upgrade their flag and renovate their property. Hilton has approved the hotel’s conversion to a Spark by Hilton. This conversion is budgeted at $1,300,000 for the PIP and is expected to take about 9 months to complete.

513 Capital arranged P+1.5% floating-rate financing with a 25-year amortization through a Florida-based 7 (a) lender. The proceeds were split into two loans, with the construction loan remaining interest-only during renovations.

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

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