The borrower operates a 75-room select service hotel in Oregon. The hotel will be a leasehold interest property on a long-term lease with the City. The property will be adjacent to the regional airport and part of the marketing plan is to market to users of the airport as well as increasing users of the unmanned aircraft test area recently established in the city. In addition to the airport proximity, the borrower is working closely with one of its investors, a doctor, who is developing a regional cancer treatment center in the same city. The doctor states he plans to send all his patients to the hotel and anticipates that resulting in at least three rooms per day used solely for this purpose.
The borrower is owned by a group that develops projects in hospitality, energy systems, and technology systems. In the past, they have developed, stabilized, and subsequently sold another hospitality project in the state. Their plan is to develop this property similarly but keep it as a long-term cash-generating asset. The request is to finance the construction and term financing of the proposed project.
|Loan Term||26.5 yrs|
|Participation Availability Amount||$ 600,000|
|Minimum Participation Amount||$ 250,000|
|Original Loan Amount||$ 8,496,500|
|Full Loan Documentation||Link|