Svec of the Largo Hospitality Finance Group secures $16 million in construction-permanent financing

John Svec, managing director of the Largo Hospitality Finance Group, arranged $16 million in construction-permanent financing for an 83-room Hampton Inn & Suites and permanent financing for a 126-room Holiday Inn, both situated in the Midwest. The site for the proposed Hampton Inn and Suites is located in Minooka, Illinois, a southwestern suburb of Chicago. The hotel will be constructed along Blair Road in an area experiencing major commercial and industrial warehouse/office developments. Svec arranged a 5-year, non-recourse, fixed rate loan with a 30-month interest only period followed by a 25-year amortization schedule. The Holiday Inn, located in Columbia, Missouri, is equidistant to St. Louis and Kansas City and only six miles from the University of Missouri. The hotel serves interstate and business travelers, as well as tourists visiting the areas vineyards and annual festivals. Svec secured a 3-year, fixed-rate, non-recourse loan with 25-year amortization for the borrower.