$3,500,000 Hotel Acquisition Loan Closed

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $3.5MM acquisition loan for a St Charles, LA hotel purchase.  The loan featured a 25 year fully amortized, US WSJ P + 1.5% fixed interest rate, and a Loan to Cost of 80%.

513 Capital was able to arrange the financing for a client who was purchasing the hotel and converting it from an independent hotel to an Extended Stay America. The property was purchased in auction so timing and certainty of close was paramount with a large deposit at risk. This facility was arranged through a SBA PLP Lender.

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

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