Aries Closes $17 Million in CMBS Loans for North and South Carolina HotelsFebruary 17, 2016
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.
“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).