Hawthorn Suites – Tempe, AZ
- Loan Amount: $2,500,000
- Capital Source: Credit Union
- Purpose of Loan: Cash Out Refinance
- LTC: 70%
- Term: 10 Years
- Rate: 4.7%
- Amortization: 25 Years
- Prepayment Penalty: None
The Hawthorn Suites is a 68 key hotel located in Tempe Arizona. The owner is an Arizona-based hotel owner and operator who had an SBA loan on the property coming to maturity. The $2.5 million loan represents a 70% loan-to-value and provides the owner with a $1.4 million cash out. It carries a 10 year term based upon an initial fixed rate of 4.7%.
The borrower required maximum prepay flexibility should he decide to sell the asset so Tower utilized an existing relationship with a local credit union active in the hospitality space that offers no prepayment penalty to its borrowers.
About Tower Capital:
Tower Capital was founded to enable owners of commercial real estate to achieve their investment goals with the least amount of time, energy, and cost, while creating surety of execution and peace of mind.
Established in 2015 and headquartered in Phoenix, Arizona, Tower Capital provides customized structured financing to investors throughout the United States. We specialize in debt and equity placement ranging from $2 Million to $100 Million and have financed over $500 Million for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.