Lender thinks out of the box.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. Hotel Finance Group has arranged $15.7 million in financing for two hotel properties totaling more than 200 rooms. "This is a great example of how AFC Hotel Finance Group is able to get our lenders comfortable with hotels located in secondary and tertiary markets," said Peter Berk, president of AFC's hotel finance group. "There are many superior assets worthy of long-term inexpensive non-recourse debt Non-Recourse Debt A loan that is secured by some sort of collateral, usually property. The issuer can seize the collateral if the borrower defaults. Notes: These types of projects are characterized by high capital expenditures, long loan periods, and uncertain revenue that are not located in major metropolitan areas. Getting the lender to understand the asset and the local market was key in getting these two great properties the financing." The Manhattan-based real estate investment bank secured $8.5 million in financing for a 107-room Holiday Inn Express in Manchester, New Hampshire This article is about the city in New Hampshire. For other uses, see Manchester (disambiguation). Manchester is the largest city in the U.S. state of New Hampshire and the largest city of northern New England, an area composed of Vermont, New Hampshire and Maine. . The funds were used by the facility's current partners to buyout other existing partnership interests and recapitalize the initial property construction loan. AFC also arranged $7.2 million in financing for the 115-room Hampton Inn located in Lincoln, Nebraska The City of Lincoln is the capital and the second most populous city of the U.S. state of Nebraska. Lincoln is also the county seat of Lancaster County and the home of the University of Nebraska. . The loan was used to convert the existing floating rate loan into long-term fixed-rate permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . Both properties were able to secure 10-year non-recourse fixed rate financing at rates well below 6%. The loans were originated and placed by Mr. Berk with a foreign bank. |
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