Aries Capital Secures $5.25 Million CMBS Loan for Kentucky Holiday Inn ExpressJune 2, 2015
Aries Capital has arranged financing for a 65-room Holiday Inn Express in Campbellsville, Kentucky on behalf of borrower Raj Idnani of R & R Hospitality.
Aries Capital secured a $5,250,000 CMBS permanent loan featuring a 10-year term, 30-year amortization, 70% loan-to-value ratio, and cash out above the borrower’s total cost basis. Located in a community which is home to Campbellsville University, an Amazon distribution center and other numerous businesses, the hotel is the highest quality hotel chain among the limited number of hotels in the area.
Typically, financing hotels in tertiary markets is difficult at higher leverage amounts, especially when a return of equity is part of the equation. Aries was able to get very comfortable with the borrower’s management capabilities, which are clearly demonstrated by the value he created first renovating and now operating the hotel.
“I am very pleased with the results of working with Aries Capital, and look forward to future financing transactions with them,” said Idnani.