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Brokerage
Posted: October 7, 2013
Pisanelli of U.S. Reatly Capital arranges $20.65 million in construction and permanent loans
The Atlantic Northeast office of U.S. Realty Capital arranged $20.65 million in construction and permanent loans for two hotels and a retail development in NY and TX. Rob Pisanelli of U.S. Realty Capital negotiated the following:
* A $1.2 million construction and permanent loan for a new 6,000 s/f Mavis Discount Tire to be developed in Canandaigua. Mavis Discount Tire is a leading dealer of discount tires operating over 130 stores throughout NY, CT, MA and PA. The loan was placed with a regional bank at 80% loan-to-value.
* A $14.35 million permanent loan for a 113-room Holiday Inn in Houston, TX. The non-recourse loan was sized at 70% loan-to-value, 10 year term and amortized over 25 years.
* A $5.1 million permanent mortgage was obtained for a 62-room Hampton Inn in Rockwall, TX. The loan was arranged with a CMBS lender with an interest rate fixed for 10 years with a 25-year amortization schedule.
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