Aries Capital Arranges $3.77 Million CMBS Loan for Florida La Quinta Hotel

May 27, 2014

Aries Capital, LLC has secured a $3.77 million, non-recourse, CMBS loan for La Quinta Inn & Suites in Port Charlotte, Florida.  Aries Capital’s Leonard Smith, senior vice president from the firm’s Houston office, originated the loan.  This is the second loan Aries Capital has arranged for the Borrower, a residential real estate developer who also owns the Four Points by Sheraton in Punta Gorda, Florida.

La Quinta Port CharlotteBuilt in 2008, the La Quinta Inn & Suites features 81 rooms and is located at I-75 and Kings Highway between Sarasota and Fort Meyers. The Borrower purchased the hotel with cash in 2012, and has continued to upgrade the property and increase bookings.  Looking to place debt on the hotel, the Borrower once again engaged Aries Capital to lead the property financing.

Interdevco’s Leonel Maresma, vice president and chief financial officer from the firm’s Miami office stated, “Aries Capital has come through for us again. Leonard Smith was instrumental in finding the right Lender for this property and maintained a high level of involvement throughout the process.” Maresma continued, “From the original submittal package to the Lender, through the application process, during the Lender’s long due diligence process, and finally to the negotiations and closing of the loan, Leonard’s relationship with the Lender and active involvement was key in helping us achieve our goals.”

“We were pleased to assist the Borrower for the second time and see him rewarded for his wise decisions and notable improvements in the hotel’s performance,” said Smith. “The lender recognized the Borrower’s current and future success and was able to increase proceeds based on both projected revenue and the trailing months’ performance.”

Deal featured on REBusinessOnline.com and HotelBusiness.com

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© Aries Capital, LLC 2022

© Aries Capital, LLC 2022