Limited Services Hotel Financing
- Loan Amount: $3,750,000
- Purpose: Refinance Loan
- Capital Source: Debt Fund
- Term: 3 Years
- Amortization: Interest Only
- Recourse: Non-Recourse
Tower Capital arranged $3,750,000 in financing for the refinance of a 74-Key limited service hotel located in Cleburne, TX. The loan is floating at a rate of SOFR + 7.45% for a term of 3 years. The new financing is a takeout of a loan that was called by the bank after the board of directors decided to exit the hotel market. Due to the loan being called, Tower had to secure a lender and close within 30 days to avoid a maturity default. The hotel is located near many major businesses such as Comanche Peak, Greenbriar, MidCon, Air Liquide and Chesapeake Energy. The property includes amenities such as an indoor pool and hot tub, onsite basketball court, putting green with 3 hole golf course, complimentary breakfast, meeting space, fitness center, business center and guest laundry. The loan was sized to 58% of the sponsors total cost basis and 37% of stabilized LTV.
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 $2 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.