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 $10,645,006 has been spent redeveloping the property from May, 2016 through May, 2017, when 206 guestrooms and all public spaces opened in the 16-story tower operating as a full-service hotel.
|Loan Term||8 yrs|
|Participation Availability Amount||$ 7,414,672|
|Minimum Participation Amount||$ 250,000|
|Original Loan Amount||$ 9,296,000|
|Full Loan Documentation||Link|