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AFC's revolving deal.

A new hybrid hospitality-residential chain, combining elements of extended-stay and apartment amenities, will be rolled out in more than 50 locations throughout the Midwest and Southeast, based on a $25 million equity revolver financing secured by AFC Realty Capital.

The equity revolver facility was closed on behalf of a mid-western based real estate development firm, which had built several of the properties, and needed significant capital for a major expansion of its portfolio of "Value Place" properties which provide a short-term residential alternative to traditional hotels or extended-stay facilities.

Paul Fried, an AFC principal, placed the transaction with an institutional private equity fund. "The institutional fund provided a facility that could fund as many as 75 properties over the next several years, with the flexibility required for simultaneously building and operating many projects across many markets. The facility gives the developer the to drive at least $250 million of construction loans.."
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Jan 3, 2007
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