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Brokerage
Posted: October 4, 2007
Pisanelli and Kelly of U.S. Realty secure $9.068m for acquisition of two hotels
The Atlantic northeast office of U.S. Realty Capital brokered $9.068 million in permanent loans for the acquisition of two Country Inn & Suites hotels. The financing was arranged and placed on behalf of a national hotel group who owns 15 hotels across the country. The group sought out U.S. Realty because of their expertise and track record in financing hospitality product.
The separate mortgages for the 81-room hotel on 3707 Rte. 281 in Cortland and the 77-room hotel on 3270 Rte. 417 in Olean were placed with a CMBS lender at 80% loan-to-value, and amortized over 30 years. The loans did not require any future DSCR requirements, lock box or seasonality reserve. Rob Pisanelli and Kevin Kelly of U.S. Realty negotiated and closed the loans in the midst of the volatility experienced in the CMBS market without losing any loan proceeds.
The Cortland property was constructed in 2003 and currently experiences annual occupancy levels of 60%. The Olean property was opened in 2001 and currently experiences annual occupancy levels over 50%.?
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