- Capital Source: Debt Fund
- Purpose of Loan: Acquisition
- Loan Amount: $5,140,000
- LTC: 77%
- Rate: 7.25%
- Term: 3 Years
- Recourse: Non-Recourse
- Prepayment: 12 Months Minimum Interest
Tower Capital recently arranged $5,140,000 in acquisition and renovation financing for the acquisition of the 85-Key TownePlace Suites by Marriott Hotel located in eastern Texas. The 3-year fixed rate loan will provide the borrower with 77% LTC financing and will allow for a $2,600,000 non-interest bearing holdback for the PIP and additional capital expenditures. The Marriott branded hotel is located next to major demand drivers including a new $225 million, 123-bed hospital which is currently under construction. Tower conducted a full marketing process and was able to leverage market interest to secure the most competitive terms by focusing on the assets superior location as well as our Sponsor’s 40-year track record owning and renovating hotels.
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 $3 Million to $300 Million and have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.