Friday June 14th, 2013 - 11:01AM
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.