Aries Capital Closes $5.3 Million Loan for Four Points by Sheraton Hotel in FloridaOctober 5, 2012
CHICAGO – Aries Capital is pleased to announce that the firm recently secured and closed a $5.3 million loan for the Four Points by Sheraton Hotel in Punta Gorda, Florida. Aries Capital’s Leonard Smith, senior vice president and Eric Jones, vice president arranged the loan for the 106-room hotel in Charlotte County. The deal, which was time sensitive, closed amidst this season’s Hurricane Isaac.
“Weather complications aside, this was a very complex transaction that was being processed at the same time as the sale of separate multifamily property owned by our client, Interdevco,” said Jones of Aries Capital. “Not only was the existing debt on the other property being assumed by the buyer, but our client also utilized a 1031 exchange to use his equity to purchase the hotel making timing critical to the success of the transaction.”
The $5.3 million loan features an additional $500,000 from the original request, a 10-year term with prepayments through the first nine years, a 5.01% interest rate and a 25-year amortization. Aries also structured the loan to provide an extended open prepayment period from 90 days to 12 months.
“Aries Capital was instrumental in finding a lender and maintaining communication and assistance throughout the application, due diligence, and closing process,” commented the borrower, Joe Suriol, CEO and president of Interdevco. “Their long-standing relationship with the lender and active involvement in the process helped make this transaction happen.”
Smith of Aries Capital added, “Due to the complicated nature of this transaction, it took a tremendous amount of borrower cooperation and communication as well. Interdevco, without a doubt, has been among the most helpful and forthcoming clients with whom I have worked.”
Since its inception in the late 1970’s, Interdevco has earned a distinguished reputation in the South Florida real estate industry by creating outstanding developments built on solid research and market analysis which are aimed at providing full customer satisfaction. The company quickly developed into a full-service real estate organization primarily involved in home, townhome, and condominium building; the development and management of residential rental communities; and, more recently, the development and management of hotels.