Pisanelli of U.S. Realty Capital refinances three hotels for $10.7m

The Atlantic Northeast Office of U.S. Realty Capital brokered the refinance of three NYS hotels totaling $10.7 million. The financing was placed on behalf of a national hotel group who owns 17 hotels across the country. The separate mortgages for a 48-room Econo Lodge in Elmira, an 81-room Country Inn & Suites in Cortland and a 77-room Country Inn & Suites in Olean were placed with a regional bank at 75% loan-to-value and amortized over 25 years. The loans did not require any future DSCR requirements or FF&E reserve. Rob Pisanelli of U.S. Realty Capital structured the deals on behalf of the borrowers. The Elmira hotel was constructed in 1991 and experiences annual occupancy levels of 67% and an ADR over $60. Included in the collateral for the loan was a Taco Bell ground lease which lies on the same parcel as the hotel. The Cortland property was constructed in 2003 and experiences annual occupancy levels of 60% and an ADR of $94. The Olean property was opened in 2001 and experiences annual occupancy levels over 50% and an ADR of $94.