$3,200,000 Hotel Refinance with PIP Loan Closed

513 Capital, a Cincinnati-based finance intermediary, is pleased to announce the closing of a $3.2MM Refinance of a North Carolina Hotel.

The owners of a 52-key Roadway Inn were in a lease-option to purchase. Hilton also approved them to convert the hotel to a Spark by Hilton. This conversion is budgeted to take $1,000,000 for the PIP and about 7 months to complete.

513 Capital was able to arrange P+1.5% floating rate financing on a 25-year amortization through a Florida-based Bank/7a lender. The proceeds were broken into two loans whereby the construction loan will remain interest only during rennovations.

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