Cronheim Hotel Capital has arranged cash-out financing of $10 million for the Holiday Inn Express in Camp Springs, Md. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. The rate was locked at 4.54 percent.
The 126-guestroom property opened in 1988 on the DC Beltway near Andrews Air Force Base and a few miles east of National Harbor. The borrower acquired the property in 2015 and completed a $15,900-per-room renovation while driving operating efficiency through hands-on management. After what they call a “dramatic improvement in revenue and profitability,” CHC was able to cash out the borrower's total cost basis at an “attractive” interest rate.
Mihir Wankawala, Managing Director of The Wankawala Organization, praised CHC's efforts on this transaction. “They found us a great deal, controlled the process and, importantly, closed in a very expedited timeframe when we gave them the green light.”
