Aries Capital Arranges $4.539 Million Hotel Loan for Marriott Fairfield Inn & TownePlace HotelsDecember 7, 2015
Eric Jones, vice president with Aries Capital’s Chicago office, has secured a $4.539 million loan to refinance the 105-Key Marriot Fairfield Inn & Suites and the 94-key Marriott TownePlace Suites hotels located at 1662 and 1680 Fenton Business Park Ct. in Fenton, MO. The five-year loan with 25-year amortization was arranged on behalf of owner-operator Mike Kalthia, president and CEO of Kalthia Hotels Group.
In order to avoid pre-payment penalties, the borrower needed Aries to refinance the cross-collateralized hotels into a new, 4.75% fixed-rate senior loan while keeping an existing SBA loan in place. Because the new loan has no pre-payment restrictions, after the pre-payment penalty period expires on the SBA loan, the borrower will be able to refinance both loans without penalty.
Kalthia Hotels Group is a repeat Aries client and owns and operates over 20 flagged hotels nationwide.
It was pleasure to process this loan with your team, Eric. You and Robin Cero worked very professionally and diligently. You solved lots of puzzles during the loan and were able to provide out-of-the-box solutions. We are looking forward to working with your team for upcoming deals. – Mike Kalthia, president and CEO of Kalthia Hotels Group