Financing Amount:
Acquisition & Renovation
Capital Source:
Transaction Details:

The Comfort Inn is a 4-story, 129 key, limited service hotel built in 1997 and renovated in 2017. It is located in Chandler Arizona, conveniently situated at the intersection of the I-10 and Loop 202 freeways.

Tower’s client, an Arizona-based real estate investment company acquired the asset for $8,000,000 with plans to perform a $560,000 renovation to the exterior and interior of the property. The buyer has a strong track record of repositioning assets and recognized an opportunity to maximize the performance of the property through a significant facelift and extensive renovations.

The $6.0 million-dollar loan secured by Tower Capital represents approximately 65% of the purchase price and renovation cost. It offers the borrower a 3.91% interest rate, fixed for 5 years with one year of interest only and a 25-year amortization schedule thereafter.

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