Aries Capital Secures $3.7M Loan for Interdevco
Tuesday May 27th, 2014 - 9:22AM S
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
PORT CHARLOTTE, FL—Aries Capital, LLC has secured a $3.77 million, non-recourse, CMBS loan for the La Quinta Inn & Suites here.
Aries Capital’s SVP Leonard Smith originated the loan, the second one Aries Capital has arranged for Interdevco, a real estate developer that also owns the Four Points by Sheraton in Punta Gorda, FL.
Built in 2008, the La Quinta Inn & Suites features 81 rooms and is located at I-75 and Kings Highway between Sarasota and Fort Meyers. The borrower purchased the hotel with cash in 2012, and has continued to upgrade the property, according to Aires Capital.
Interdevco’s Leonel Maresma, VP/CFO from the firm’s Miami office, noted Aries Capital was able to find the right lender for this property and "maintained a high level of involvement throughout the process.”
Tags: Aries Capital • La Quinta Inn & Suites • Interdevco • Port Charlotte • FL • Hospitality • Sources of Funding •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.