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United States : $4.2 Million Hotel Cash-Out Refinance Arranged by MMCC.

Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $4.2 million loan to refinance a 79-room Springhill Suites by Marriott located in Clearwater, Florida. The property is currently on a 37-year ground lease from Pinellas County. Robert Bhat, a director in MMCCs Miami office, arranged the debt placement.

This hotel has a great location and competes very well against its competitive set, says Bhat. The property improvement plan that was completed in 2016 makes the asset look brand new. I was able to find a lender that provided a rate around 3.95 percent and was comfortable with the hotel being on a ground lease. The borrower was able to cash out and potentially utilize those funds towards additional acquisitions, Bhat concludes.

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Publication:Mena Report
Date:Apr 29, 2017
Words:147
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