Deal involves credit union, relatively short-term, flexible prepayment
Commercial real estate finance specialists Walker & Dunlop have worked their magic on a multi-million-dollar hotel financing deal near Walt Disney World Resort.
The $9,570,000 financing for the Choice Hotels franchised Comfort Inn Maingate in Kissimmee, FL, was arranged by a team led by vice president Jacob Cohen for property owner SLB Hotel Group.
"The property owner was looking for a very specific set of financing terms, including a relatively short duration and prepayment flexibility,” said Chone. “We identified a credit union that understood the business plan, was able to lend nonrecourse debt, and was excited about lending on a Choice Hotel flag."
The new loan included some cash out proceeds and one year of interest only payments. It is estimated that the rates and terms of the nonrecourse financing will save the borrower $30,000 per month in interest payments.
Image credit: Walker & Dunlop
"Jacob Cohen, of Walker & Dunlop, made the process of securing our refinance seamless and painless. We were under an accelerated timeline and Jacob was able to accommodate our request," commented Alfonso Borrero, CEO of SLB Hotel Group. "In addition, he found us a financial institution that provided the right loan vehicle to meet our needs.
