Terrace Capital Secures $10.25M in Non-Recourse Financing for Hilton Garden Inn
Friday June 14th, 2013 - 11:01AM S
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NEW YORK—Terrace Capital, Inc. has secured $10.25M in non-recourse financing for a 194-room Hilton Garden Inn located in Southfield, MI.
Proceeds of the 69% loan-to-value CMBS loan were used by A&M Hospitality, which constructed the hotel, for the refinance of recourse, local bank construction debt. The new, non-recourse senior debt has a 10-year fixed term and a 25-year amortization schedule and contained substantial cash out.
The five-star, full-service hotel opened in 2012. Amenities include an indoor heated pool, fitness facility, business center, meeting rooms, restaurant and club lounge.
Tags: • 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.