Aries Capital Secures $3.7M Loan for Interdevco
Tuesday May 27th, 2014 - 9:22AM S
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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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.