Financing Amount:
Chandler, AZ
Capital Source:
Credit Union
Transaction Details:

The Comfort Inn is a 4-story, 129 key, limited service hotel built in 1997 and renovated in 2012. It is located in Chandler Arizona, conveniently situated at the intersection of the I-10 and Loop 202 freeways. The buyer is an established hotel owner/operator, based in California, with assets located in California, Arizona, and Canada. The property was purchased for $7.7 million, or $59,690 per key.

The $5.6 million dollar loan was secured by Tower Capital represents approximately 73% of the purchase price. It offers the borrower a 4.5% interest rate, fixed for 5 years, and is based on a 25 year amortization schedule and 10 year total term.

It was important to the borrower to have as much prepayment flexibility as possible so Tower utilized a relationship with a regional credit union that offers no prepayment penalty to its borrowers.

The loan was closed in 45 days.

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