Massey Knakal Capital Services Closes A $69.5 Million Loan
Massey Knakal Capital Services is pleased to announce the closing of a $69.5 million loan collateralized by nine hotel properties located in New York City, Rockland County, and New Jersey. The loan featured a 10-year term at 3.439%, with a 25-year amortization schedule and 60.00% LTV.
"Our client, a major hospitality owner, tasked us with sourcing capital in the 3% range. We were able to successfully identify a lender with a niche for limited service hotels and a competitive cost of capital. The Sponsor was able to pull out over $17,000,000 in cash-out and also reduce his debt service by $350,000 annually by virtue of our efforts,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.