Aries Capital Arranges $5.4 Million Bridge Loan to Refinance Three Hotels in Pensacola, FL
CHICAGO – Aries Capital’s Executive Vice President Rushi Shah has secured a senior bridge loan totaling $5.4 million for the refinance of three limited service hotels in Pensacola, Florida. The borrower, LHS Companies, will use the proceeds to renovate and reflag the Florida Panhandle properties.
"The well-located hotels were purchased 15 years ago as part of a larger portfolio,” said Shah. “Through our successful negotiations under a tight timeline, our client was able to finance an existing note at an amount below the outstanding debt. LHS now has the necessary funds to fuel its future growth and rebrand.”
"Rushi got this deal done," said a representative of LHS. "He explored every potential scenario to make sure we walked away in the best position possible. Our former banker Dinesh Gandhi referred us to Rushi and we are very thankful for the valuable introduction."
This transaction was closed under the Aries Capital/AAHOA Member Financing Program. Aries Capital is the exclusive partner for this valuable member-benefit program. Dinesh Gandhi is a referral partner for Aries Capital.
About Aries Capital
Aries Capital, (www.ariescapital.com) is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Peoria (IL), Houston and Miami. Since 1991, Aries and its affiliates have arranged and/or directly funded over $5 billion in debt and equity for office, retail, multifamily, healthcare, hotel/lodging, industrial and special‐purpose properties in the United States and Caribbean. The company, through its affiliates such as the Urban Development Fund (www.urbandevfund.com), has also provided over $700 million in tax credit and mezzanine financing. Aries provides permanent and interim financing through direct correspondent relationships with Wall Street CMBS lenders, life companies, hedge funds, regional banks and other institutional investors.
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About LendingCap Commercial
LendingCap Commercial is a national commercial mortgage banker offering non-recourse permanent and bridge financing through Wall Street CMBS and other institutional lenders via an automated mortgage platform. Headquartered in Chicago, the firm draws from parent company Aries Capital’s resources and experience to provide loans ranging from $3 million to $75 million for hotel, multifamily, self storage, retail and other commercial property types. The loan process is streamlined through an online dashboard accessible in real-time by borrowers and originators. LendingCap provides borrowers with credits at closing as a result of the time and money saved in the automated process, as well as offers clients increased borrowing power through competitive rates and terms. For more information, visit www.lendingcap.com.