Blanton of Largo Capital arranges $16.8 million mortgage refinancing

Orlando, FL Ben Blanton of Largo Capital, Inc. arranged a $16.8 million permanent first mortgage to refinance the construction loan on a newly delivered 110-key hotel. Situated in a location near Orlando International Airport and popular attractions such as Universal Orlando and Walt Disney World, this hotel serves both leisure and corporate travelers.

The loan features attractive terms, including a 10-year term with a 30-year amortization schedule. The 75% maximum LTV stipulation allowed the sponsor to refinance the existing debt plus cover all closing costs on an asset with less than six months of operating history. The loan features a stepdown prepayment penalty.