Aries Capital Secures Over $17 Million in Non-Recourse CMBS Loans for Three Limited Service Hotels in North and South Carolina
CHICAGO – Aries Capital’s Rushi Shah, executive vice president with Aries Capital and president of the firm’s new, automated non-recourse loan platform, LendingCap Commercial, has secured three non-recourse CMBS loans totaling $17.23 million on behalf of borrower Jariwala Hotels for the refinance of three limited service hotels in North and South Carolina.
The 10-year fixed rate loans with interest rates ranging from 5.10% to 5.30%, include a $6.304 million loan for the 120-key Comfort Suites in Charlotte, NC; a $5.925 million loan for the 126-key Clarion Inn & Suites in Greenville, SC; and a $5 million loan for the 130-key Best Western Plus in Winston-Salem, NC.
The loans were closed at 70% LTV with 25-year amortizations. Despite the volatility of the CMBS markets, the borrower also received significant return on equity as cash out.
“Rushi’s ability to structure deals quickly, in a way that allows developers like ourselves to grow, was impressive,” said borrower Balvant “Bill” Jariwala. “Through his strong relationship with the Wall Street lender, he delivered exactly what we needed and all of our loans closed on time. Our hotels are now very well positioned at a low rate for the next 10 years.” North Carolina-based Jariwala is the owner and operator of a portfolio of limited service hotels and the South Carolina ambassador for the Asian American Hotel Owners Association (AAHOA).
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.