AFC tackles $35m financing challenge.AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Capital has arranged financing for a portfolio of Hilton Garden Inns Hilton Garden Inn is the name of a chain of hotels operated by Hilton Hotels Corporation. Hilton Garden Inns are considered to be upscale, mid-priced hotels that are designed for both business and leisure travelers. The hotel brand is similar to that of the Courtyard by Marriott brand. located throughout the mid-west. The Manhattan-based real estate investment bank secured $35 million in financing for four properties in Wisconsin and North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). totaling more than 400 keys, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Michael Sonnabend, an AFC principal. The financing was completed by the team of Sonnabend and Jason Gabbard, an AFC associate managing director. "Our expertise in helping lenders understand and become comfortable with assets in secondary and tertiary assets markets was a prime reason we were able to structure this loan to obtain extremely favorable results for our client," said Sonnabend. "In this case, the portfolio received the same execution as assets in primary markets, despite the locations in smaller cities." "However, the transaction was not without obstacles. Two of the properties are on ground leases that many lenders had previously rejected as 'nonfinanceable.' We were able to work around this challenge and complete the transaction without requiring any changes to the ground lease. Over the years, we have created significant value for our clients whose properties sit on ground leases, and this is just another example" |
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