$10,625,000 Hotel Acquisition and Renovation Loan Closed by Hyde Park Commercial Group
Hyde Park CG arranges $10.625MM financing for the acquisition of a 4 story 150 key Full Service Courtyard by Marriott hotel.
Cincinnati, Ohio, April 7, 2016 (Newswire.com) - Hyde Park Commercial Group, a real estate advisory firm, is pleased to announce the closing of a $10,625,000 acquisition and renovation loan for a 150-key Full Service Courtyard by Marriott hotel. The hotel was acquired by an experienced ownership group who will implement an extensive property improvement plan in order to bring the hotel up to the highest brand standards. Hyde Park advised and arranged a non-recourse loan facility which featured a 3 year interest only term with 2 one-year extension options. The loan leveraged to almost 79% loan to cost at LIBOR + 575 basis points. Hyde Park was able to arrange the full request through an east coast CDO.
Hyde Park CG arranges capital through a broad range of capital sources from hedge funds, life companies, CMBS, private investors, SBA, to regional and national banks. Hyde Park focuses on debt placement for improved commercial real estate properties and business finance transactions nationwide.
For more information visit: http://www.hydeparkcg.com. Daniel Redlinger at Hyde Park CG can be reached at 513.792.2940.