Aries Capital Arranges $4.7M Loan for New-Build HIEx
Monday June 24th, 2013 - 9:22AM GS
| | | | | | | | | | |
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!
CUERO, TX—Aries Capital closed on a $4.7 million loan for a new 77-room Holiday Inn Express to be constructed here in the Eagle Ford Shale area.
Avalon, LLC, was the borrower in the loan transaction and received a $4.7 million construction loan with an 18-month, fixed-rate term at 6% interest. The permanent loan features a five-year arm at an interest rate of Wall Street prime plus 2.5% with a floor of 6%.
The transaction was funded through an SBA 504 loan and the CDC.
The Holiday Inn Express will service the growing Eagle Ford Shale area, a hydrocarbon-producing formation capable of producing both gas and oil. With oil reserves estimated at 3 billion barrels and with potential output of 420,000 barrels a day, the Eagle Ford Shale area is a significant economic driver in Texas, according to the company.
Tags: • Hospitality • Construction/Renovation • 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.