Press Release brought to you by Aries Capital

LendingCap Commercial & Aries Capital Arrange Eight Non-Recourse Loans Totaling $41.7 Million for Limited-Service Hotels in CA, GA, FL, NC, PA and TX

12/21/2015

CHICAGO – Rushi Shah, senior vice president with Aries Capital and president of the firm’s new, automated non-recourse loan platform, LendingCap Commercial, has secured eight 10-year, non-recourse permanent loans totaling $41.7 million for various limited-service hotels on behalf of the properties’ owners. The  loans were originated through both Aries Capital and LendingCap Commercial. Loan-to-value ratios ranged between 65% and 75%.

The CMBS closings include:

·         a $4.5 million loan on behalf of Lotus Management, Inc. for the refinance of its 49-key Quality Inn & Suites at 2390 Harris Way in San Jose, CA;

·         a $4.55 million loan for KMD Hospitality Management for the acquisition of the 82-key Country Inn & Suites at 915 S Falkenburg in Brandon, FL;

·         a $9.0 million loan for Duke Hospitality to refinance the 112-key Fairfield Inn & Suites Atlanta Gwinnett Place at 3570 Breckinridge Blvd. in Duluth, GA;

·         a $3.75 million loan for borrower Desai Investments Inc. to refinance its 75-key Quality Suites at 9840 Pineville Matthews Rd in Pineville, NC;

·         a $5 million loan and $3.6 million loan for repeat borrower, Laxmi Hotel Group for its 116-key Quality Inn & Suites and 98-key Sleep Inn outside Charlotte, NC;

·         a $6.1 million loan for Simraj Hospitality for the refinance of the Comfort Inn at 2250 N George St. in York, PA; and

·         a $5.2 million loan for borrower, Brimhall LQ LLC, to refinance the 76-key La Quinta Inn & Suites located at 11155 W Loop 1604 N in San Antonio, TX.

“Based on our clients’ short and long-term goals, non-recourse financing was the clear choice,” said Shah, “Their personal assets aren’t on the line if something happens to their hotels outside of their control, they’ve locked in a low fixed-rate for the next 10 years, and many were also able to free up trapped equity and take cash out for other investments.”

  

About LendingCap Commercial, LLC

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.

 

About Aries Capital, LLC

Aries Capital is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Peoria, Houston, Phoenix and Miami.  Since 1991, Aries and its affiliates have arranged and/or directly funded over $5 billion in debt and equity for hotel, multifamily, self storage, office, retail, 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.  For more information, visit www.ariescapital.com.

 

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12/21/2015 - 17:45

Source

Aries Capital

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