Aries Capital Arranges 8 Hotel Loans Totaling $41.7 Million for Limited Service HotelsDecember 14, 2015
Rushi Shah, senior vice president with Aries Capital has secured eight 10-year, non-recourse permanent loans totaling $41.7 million for various limited-service hotels on behalf of the properties’ owners. Loan-to-value ratios ranged between 65% and 75%.
The CMBS closings include:
- a $4.5 million loan on behalf of Lotus Management, Inc. for the refinance of its 49-key Quality Inn & Suites at 2390 Harris Way in San Jose, CA;
- a $4.55 million loan for KMD Hospitality Management for the acquisition of the 82-key Country Inn & Suites at 915 S Falkenburg in Brandon, FL;
- a $9.0 million loan for Duke Hospitality to refinance the 112-key Fairfield Inn & Suites Atlanta Gwinnett Place at 3570 Breckinridge Blvd. in Duluth, GA;
- a $3.75 million loan for borrower Desai Investments Inc. to refinance its 75-key Quality Suites at 9840 Pineville Matthews Rd in Pineville, NC;
- a $5 million loan and $3.6 million loan for repeat borrower, Laxmi Hotel Group for its 116-key Quality Inn & Suites and 98-key Sleep Inn outside Charlotte, NC;
- a $6.1 million loan for Simraj Hospitality for the refinance of the Comfort Inn at 2250 N George St. in York, PA; and
- a $5.2 million loan for borrower, Brimhall LQ LLC, to refinance the 76-key La Quinta Inn & Suites located at 11155 W Loop 1604 N in San Antonio, TX.
“Based on our clients’ short and long-term goals, non-recourse financing was the clear choice,” said Shah, “Their personal assets aren’t on the line if something happens to their hotels outside of their control, they’ve locked in a low fixed-rate for the next 10 years, and many were also able to free up trapped equity and take cash out for other investments.”