Aries Conlon Capital, a national commercial real estate mortgage and investment banking firm, closed on a $10.15 million, non-recourse, commercial-mortgage-backed-securities permanent loan for the Best Western Castillo Del Sol in Ormond Beach, Fla. Francisco Nacorda, SVP of Aries Conlon Capital, originated the loan for the 147-key limited services hotel and associate VP Prabhat Jayara and VP Heather Madsen managed the processing and closing of the property.
The 10-year fixed rate, CMBS permanent loan included a 30-year amortization and was closed at 65 percent loan-to-value. The oceanfront, exterior corridor hotel is located at 205 S. Atlantic Ave. directly on Ormond Beach near Daytona Beach. The hotel is close to the corporate headquarters for NASCAR, the International Motor Sport Association and the International Speedway Corporation. A local commercial real estate broker referred the borrower to Nacorda.
“This is a well-managed, beautiful hotel,” Nacorda said in a statement. “The borrower has done an exceptional job of maintaining and improving the property. We were able to achieve maximum leverage on this transaction to enable the borrower’s future growth objectives.”
Chicago-based Aries Conlon Capital, is a full-service, commercial real estate mortgage and investment banking firm, a division of Conlon & Co., and the result of a merger between Conlon & Co.’s Capital Markets Group and Aries Capital Commercial Mortgage Banking Group. The boutique firm offers preferred access to debt placement, equity arrangement, tax credit syndication, real estate brokerage and advisory through an approach that leverages its lending relationships and client and equity sponsors. Collectively the firm has funded more than $8.5 billion in debt, equity, tax credit and mezzanine financing for hotel, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties throughout the United States, Caribbean and Europe.