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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.