Ariel Property Advisors’ Capital Services Division has arranged a $8.975 million hotel refinance loan for a Fairfield Inn and Suites by Marriott located in Shelby, North Carolina. The loan was arranged by an Ariel Property Advisors team including Eli Weisblum, Director of Capital Services and Paul McCormick, Senior Vice President of Investment Sales and Capital Services.
The team secured a 65-percent LTV, five-year term with a five-year option and a fixed rate of 4.5 percent interest for the 86-room hotel located on the Highway 74 artery connecting Charlotte to Asheville. The loan was procured with no prepayment penalty and no COVID reserves were required.
“The owner was able to take advantage of the current low-interest-rate environment but this deal is also indicative of the increasing confidence lenders have in well-managed, flagged hotel properties as business and leisure travel return,” said Weisblum.
About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the New York metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry. arielpa.nyc
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