Friday April 25th, 2014 - 9:24AM
ANCHORAGE, AK—Premier Capital Associates, LLC, has arranged a refinance for a Crowne Plaza here.
The Bellevue, WA-based company was able to source a long-term, fixed rate, non-recourse loan of approximately $19 million that allowed the borrower to recapitalize their financial structure. The 165-unit is located at 109 West International Airport Road and is operating on a ground lease.
"Although we are seeing improvement in lending markets, investors are still sensitive to yield. Capital is primarily going to good hotel assets with positive cash that are well positioned and well located like this newer, full-service hotel in Anchorage," stated Jeff McKee, managing director, Premier Capital Associates.