This construction-to-permanent financing facility was utilized to renovate and improve a 16-story, 206-room, full-service hotel which includes a low-rise (2-story), structure that will be developed into another, 54-room extended-stay hotel. When renovations are complete, the property will also feature an independent restaurant and offer three ballrooms to accommodate between 150 and 500 guests. The property also includes a five-story vacant building that is planned to be subdivided from the overall parcel, renovated, and converted to an inn at a later, undetermined date. The subject hotel has been in operations under the current ownership since May, 2017. The original, low-rise hotel structure was built in 1967 as another hotel. In 1980, the 16-story tower was added. The subject property was purchased by the borrower for a reported price of $2,500,000. Since the purchase, approximately $10,645,006 has been spent redeveloping the property from May, 2016 through May, 2017, when 206 guestrooms and all public spaces opened in the 16-story tower operating as a full-service hotel.

Loan ID 0118
DSCR 1.66
LTV 54.36
Note Rate 8.00
Property Location MI
NAICS 721110
Guaranty Type None
Loan Term 8 yrs
Rate type Var
Participation Availability Amount $ 7,499,760
Minimum Participation Amount $ 250,000
Original Loan Amount $ 9,296,000
Full Loan Documentation Link
Inquire Inquire