Aries Capital Secures $5.0 Million Loan for New Round Rock Microtel in Round Rock, Texas
CHICAGO– Aries Capital is pleased to announce that the firm recently secured a ground-up construction loan in the amount of $5,000,000 for a new, 83-room hotel located in Round Rock,Texas. The loan, which is the second Aries Capital has arranged for the borrower, was originated by the firm’s Houston-based Senior Vice President, Leonard Smith.
“Given the Borrower’s experience and success in hotel development, Aries Capital was confident in arranging and securing the financing necessary to fund this ground-up construction project,” said Smith. “The additional capital provided by the Borrower also enabled our team to structure a loan with a 71% loan-to-value ratio.”
The new 83-room Microtel, owned by Longhorn Lodging Partners, is being constructed in Round Rock which is just north ofAustinin centralTexas. The property will be managed by Caerus Hospitality Partners. Microtel is part of the Wyndham Hotel Group and is a select-service economy hotel brand with hotels in 46 states and five international countries.
“We worked with Aries Capital on previous ground-up construction transactions and given this very difficult climate to obtain hotel construction financing, they proved to be creative and thorough in their approach to our needs. We were very pleased to have been able to work with Aries again for our third successful closing with them on these projects,” said Ted Torres, President of Caerus Hospitality.
Aries Capital, www.ariescapital.com is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Houston, and Phoenix. Since 1991, Aries and its affiliates have arranged and/or directly funded over $3 billion in debt and equity for office, retail, multifamily, healthcare and hotel properties. The company, through its affiliates the Urban Development Fund (www.urbandevfund.com) and Aries Real Estate Fund (AREF) has also provided over $500 million in tax credit and mezzanine financing. Aries provides permanent and interim financing through direct correspondent relationships with regional banks, Wall Street CMBS lenders, life companies, hedge funds, and other institutional investors.