Aries Closes $17 Million in CMBS Loans for North and South Carolina HotelsFebruary 17, 2016
Aries Capital’s Rushi Shah, executive vice president with Aries Capital has secured three non-recourse CMBS loans totaling $17.23 million on behalf of borrower Jariwala Hotels for the refinance of three limited service hotels in North and South Carolina.
The 10-year fixed rate loans with interest rates ranging from 5.10% to 5.30%, include a $6.304 million loan for the 120-key Comfort Suites in Charlotte, NC; a $5.925 million loan for the 126-key Clarion Inn & Suites in Greenville, SC; and a $5 million loan for the 130-key Best Western Plus in Winston-Salem, NC.
The loans were closed at 70% LTV with 25-year amortizations. Despite the volatility of the CMBS markets, the borrower also received significant return on equity as cash out.
“Rushi’s ability to structure deals quickly, in a way that allows developers like ourselves to grow, was impressive,” said borrower Balvant “Bill” Jariwala. “Through his strong relationship with the Wall Street lender, he delivered exactly what we needed and all of our loans closed on time. Our hotels are now very well positioned at a low rate for the next 10 years.”
North Carolina-based Jariwala is the owner and operator of a portfolio of limited service hotels and the South Carolina ambassador for the Asian American Hotel Owners Association (AAHOA).
Contact Rushi | 312-640-7430