Wednesday, August 26, 2009

Best Western International Drive, Orlando Gets $3.8M Loan

ORLANDO, FL--Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 21, 2009, in the amount of $3,837,750 for the International Drive Best Western (top right photo) in Orlando, Florida.

John Worrell, Company Assistant Vice President, and Doug Rozzell, Company Principal, financed the acquisition and repositioning of the International Drive Best Western under a SBA 504 85% Loan-to-Cost loan structure through Thomas D. Wood and Company’s relationship with a Regional Bank.

The bank provided a 50% first mortgage, and a bridge lender which provided the remaining 35% second mortgage based upon the SBA approval which will be funded by a local CDC upon Certificate of Occupancy.

The first mortgage has an interest rate of 10%, and the bridge debenture has an interest rate of 8.5%, based on a 10-year term and 20-year amortization. The loan-to-value is 72% and the loan-to-cost is 85%. The 120-room hotel was built in 1985, and is located at 8222 Jamaican Court, Orlando, Florida.

For further information, please contact:
John Worrell, (407) 937-0470,
Doug Rozzell, (407) 937-0470,
Jessica Gurtowski, (407) 937-0470,

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