Aries Conlon Capital Closes $9 Million Non-Recourse, CMBS Permanent Loan for Holiday Inn Express in FLJuly 9, 2018
Aries Conlon Capital is pleased to announce that the boutique commercial real estate mortgage and investment banking firm has closed on a $9 million, non-recourse, CMBS permanent loan for the refinance of the Holiday Inn Express Lake Wales N-Winter Haven in Lake Wales, FL. Aries Conlon Capital Senior Vice President Francisco Nacorda originated the loan on behalf of the hotel’s owner, Dr. Japinder Singh.
The 10-year, fixed-rate loan was closed at a 69% loan-to-value ratio with a 30-year amortization. The 82-key hotel is convenient to Legoland Park and Bok Tower Gardens.
“After purchasing the hotel in 2015, the borrower improved the property substantially. His efforts generated equally-impressive improvement in the hotel’s numbers,” said Nacorda. “We refinanced his existing, full-recourse bank loan to long-term debt to improve his cash flow and remove the liability from his personal balance sheet. In addition, we secured maximum proceeds so he could recoup his investment costs and take cash out to purchase another property.”
“It was a great experience working with Francisco and Aries Conlon,” said Singh. “Things moved smoothly, efficiently and professionally and we very much appreciated their recommendation of the legal team.”
Aries Conlon Capital Senior Vice President Heather Madsen and Associate Vice president Prabhat Jayara assisted with the transaction’s underwriting and closing.