Boutique commercial real estate mortgage and investment banking firm Aries Conlon Capital closed on two nonrecourse, commercial-mortgage-backed-securities permanent loans totaling $9.4 million for the refinancing of the Candlewood Suites Boise-Meridian in Boise, Idaho, and the Country Inn & Suites by Radisson in Buford, Ga. The loans were closed in two separate transactions on behalf of two different borrowers.
The 120-room Candlewood Suites hotel is located at 1855 S. Silverstone Way in Meridian, Idaho. Suraj Desai, senior associate at Aries Conlon Capital, originated the transaction, while Rushi Shah, principal and CEO, placed the financing. The $5.3-million, 10-year fixed-rate loan was closed with a 25-year amortization and allowed the borrower to monetize his accrued equity and take significant cash-out.
“This is our third transaction we closed on behalf of our client, TNB Hotels,” Desai said in a statement. “We leveraged our national platform and lender relationships to deliver attractive financing that enabled the sponsor to liquidate trapped equity and clear his personal balance sheet for upcoming development projects.”
In the second transaction, Shah secured the $4.1 million, 10-year fixed rate loan for the 77-key Country Inn & Suites at 1395 Mall of Georgia Blvd. in northeast Buford, Ga. The nonrecourse loan was closed at a 60-percent loan-to-value ratio with a 25-year amortization and included cash-out.
“The lender was concerned with falling revenue in the Mall of Georgia submarket due to increasing supply,” Shah said in a statement. “Because of our close relationship with the lender, they agreed to wait patiently until the submarket supply stabilized. Shortly after that, we successfully closed the loan.”
Heather Madsen, SVP at Aries Conlon Capital, and associate VP Prabhat Jayara assisted with the underwriting and closing for both transactions.
Chicago-based Aries Conlon Capital, is a full-service, commercial real estate mortgage and investment banking firm, a division of Conlon & Company and the result of a merger between Conlon & Company’s Capital Markets Group and Aries Capital's Commercial Mortgage Banking Group.