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.”