Lori Tirado, managing director of the Largo Hospitality Finance Group, arranged permanent financing in the amount of $15 million to refinance the existing debt on four limited service flagged hotels located in Florida and Louisiana.
The first property, located in Vero Beach, FL, is a 60-room Howard Johnson Express hotel. The 10-year, fixed-rate loan was placed with one of Largo's correspondent life insurance companies and structured as a 20-year self-amortizing loan.
The second property is a 63 room Hampton Inn & Suites located in Quincy, FL. Tirado secured a 10-year, non-recourse, fixed-rate loan with 20-year amortization for the borrower.
The third property, located in Pinellas Park, FL, is a 70-room Country Inn & Suites. Tirado arranged a 10-year, non-recourse, fixed-rate loan with 30-year amortization for the borrower.
The fourth property, located in Broussard, LA, is a 61-room LaQuinta Inn & Suites. Tirado secured a 10-year, non-recourse, fixed rate loan with 30-year amortization for the borrower. Tags: