Aries Conlon arranges loan for Best Western in Ormond Beach, Fla.

Best Western Castillo Del Sol in Ormond Beach, Fla. Photo credit: Best Western Hotels & Resorts

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.”

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.

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.