Rob Pisanelli of U.S. Realty Capital brokered a $4.054 million construction & permanent loan for a Holiday Inn Express & Suites. The 18-month construction loan and ten-year permanent loan were placed with a local lender. The loans were sized at 80% of lender approved costs and carry an interest rate of 6.25%.
The 71-room Holiday Inn Express & Suites will feature an indoor pool, business center, fitness center, guest laundry, complimentary hot breakfast bar and high-speed Internet access. The Holiday Inn Express brand was introduced in 1991 by InterContinental Hotels and has grown to 1,800 properties worldwide.
Cicero is one of the fastest growing towns in central New York and has led Onondaga County in new home construction for several years. It has a current population of just under 30,000. Its location proximate to the airport with access to Lake Oneida has helped spur residential, commercial and industrial growth. The hotel's location proximate to the Syracuse Hancock International Airport and Lake Oneida, its access from I-81, and the area's retail development renders it an appealing location for a range of demand generators.
U.S. Realty Capital is a national mortgage banking company with nine offices across the country. Providing creative capital solutions for commercial real estate owners and developers throughout the U.S. in 2008 U.S. Realty Capital originated $1 billion of debt and equity for their clients. Through their collective knowledge and industry experience, U.S. Realty Capital provides comprehensive project analysis and competitive solutions for the unique needs of each client and project. For additional information please visit www.usrealtycapital.com. Tags: