ParkSide Secures $20M Financing For Inn And Spa At Loretto

SANTA FE, NM— ParkSide Real Estate Capital reported the successful closing of a $ 20,150,000 refinancing for the Inn and Spa at Loretto, a 134-room boutique hotel here. The 6.60% fixed-rate seven-year permanent financing with interest only payments for the first two years and a 25-year amortization schedule was secured by a first mortgage lien on the hotel property, according to Parkside. The financing allowed the borrower to pay off existing higher rate debt and purchase the underlying ground lease of the hotel property, noted Sukhbir Singh Benipal, president of ParkSide Real Estate Capital. The loan allows for an additional $2,000,000 drawdown to fund expansion and additions to the property, Benipal added.