Aries Conlon Capital Arranges $9.4 Million in Non-Recourse, Permanent Loans for IHG and Radisson HotelsJune 22, 2018
Aries Conlon Capital has closed on two, non-recourse, CMBS permanent loans totaling $9.4 million for the refinance of the Candlewood Suites Boise-Meridian in Boise, Idaho and the refinance of the Country Inn & Suites by Radisson in Buford, Georgia. The loans were closed in two separate transactions on behalf of two different borrowers.
The 120-key Candlewood Suites hotel is located at 1855 S. Silverstone Way in Meridian, Idaho. Aries Conlon Capital Senior Associate Suraj Desai originated the transaction and Principal and CEO Rushi Shah placed the financing. The $5.3 million, 10-year, fixed-rate loan was closed with a 25-year amortization and allowed the borrower to monetize his accrued equity and take significant cash out.
“This Is our third transaction we closed on behalf of our client, TNB Hotels,” said Desai. “We leveraged our national platform and lender relationships to deliver attractive financing that enabled the sponsor to liquidate trapped equity and clear his personal balance sheet for upcoming development projects.”
“We have continued to seek the service of Aries Conlon Capital owing to their exceptional diligence and ability to resolve issues and remove obstacles. We look forward to continuing to use their expertise and relationships to grow our portfolio.” – Principal of TNB Hotels.
In the second transaction, Shah secured the $4.1 million, 10-year fixed rate loan for the 77-key Country Inn & Suites at 1395 Mall of Georgia Blvd. in NE Buford, Georgia. The non-recourse loan was closed at a 60% loan-to-value ratio with a 25-year amortization and included cash out.
“The lender was concerned with falling revenue in the Mall of Georgia submarket due to increasing supply,” said Shah. “Because of our close relationship with the lender, they agreed to wait patiently until the submarket supply stabilized. Shortly after that, we successfully closed the loan.”
Aries Conlon Capital Senior Vice President Heather Madsen and Associate Vice president Prabhat Jayara assisted with the underwriting and closing for both transactions.