Conlon Capital has successfully closed almost $50 million worth of nonrecourse commercial mortgage-backed securities permanent loans for eight limited-service hotels in Illinois, Michigan, North Carolina, Pennsylvania, Utah and Washington.
“Due to our high-volume business model and the depth of our relationships on both the borrower and lender sides of the transaction table, we are able to come up with creative structures to close these deals,” said Rushi Shah, chief executive officer for Conlon Capital. “The recent political climate is motivating owners to take some money off of the table while it remains available. Cautious optimism in the capital markets about future RevPAR and rent growth is pushing lenders to aggressively lend on good quality assets.”
The 10-year fixed rate CMBS permanent loans were secured for the following hotels on behalf of their owners:
- $6.95 million with cash-out for a 74-key Hampton Inn in Monroe, Mich.
- $9.5 million with cash-out for a 141-key Best Western near O’Hare International Airport in Chicago.
- $5.6 million including cash-out for a 144-key Quality Inn near O’Hare International Airport in Chicago.
- $6.075 million with cash-out for an 81-key Best Western Plus near Salt Lake City International Airport in Utah.
- $5.2 million for a 100-key Comfort Inn & Suites in Birch Run, Mich.
- $3.409 million for a 46-key Best Western Plus Battleground Inn & Suites in Battleground, Wash.
- $6.6 million with cash-out for a 135-key Days Inn in Raleigh, N.C.
- $6.07 million with cash-out for an 81-key La Quinta Inn & Suites in Harrisburg, Pa.