Warminster, PA Katie Vivian, hotel loan originator at Largo Capital, Inc. secured a permanent first mortgage to refinance the existing debt on an extended stay property, Home2 by Hilton, for $7.3 million. The 106-key hotel has consistently outperformed its competitive set in ADR, Occupancy, and RevPAR.
The property is located nearby Horsham and just a short drive from Philadelphia. Vivian locked in a 5-year deal with a competitive fixed rate through one of Largo’s correspondent Life Co lenders. The loan, which includes an optional 5-year extension and rate reset at the end of the term, will be serviced by Largo.
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