$2,315,000 Hotel Acquisition Loan Closed

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $2.3MM hotel acquisition loan for a Westlake, Ohio located Red Roof Hotel.  The loan supported a $2,650,000 acquisition price along with $300,000 in PIP capital. New ownership will operate this hotel as owner-operator.

513 Capital was able to arrange the financing using the SBA 7a program which due to the stimulus bill, featured a waived guarantee fee and payment relief.  The loan facility is a 25 year fully amortizing structure with limited prepay penalties.

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

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