BELLEVUE, WA– Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, has arranged and closed a $3.4 million financing transaction for acquisition of a 69-unit Comfort Inn, located in Coeur d’Alene, Idaho.“The buyer called on Premier Capital to step in late in the acquisition process and deliver a competitive commitment,” said Jeff McKee, (top right photo) managing director of Premier Capital Associates, LLC. “We were able to work with the buyer, seller and lender to find solutions that benefited all parties.”
“Experience and relationships are key components of getting transactions completed in today’s market,” said Greg Morris, (middle left photo) managing director of Premier Capital Associates, LLC.
“With values, income and market constantly in question, we leaned on our 20-plus years of hotel finance experience to develop a creative solution. In this loan, we worked with a little-used government-backed program. This program is not widely known, but we were able to harness the capital and get the transaction completed in about half the time of a more traditional loan.
“Loans under $10 million for acquisitions and refinancing are being completed, but locating sources and acceptable terms require special expertise and relationships.
"Development loans are more difficult but can be accomplished. We see the credit markets beginning to show the first signs of thawing, but believe it will be another six months to a year before financing for larger loans is more readily available.”
Premier Capital Associates, LLC, located in Bellevue, Washington, is a national, full-service real estate investment company specializing in debt and advisory services for hospitality and other income-producing commercial real estate, with relationships across the United States.
The company arranges debt for construction loans, acquisition, refinancing, and reposition financing. For additional information, please contact either Jeff McKee at 425-957-0600 or Greg Morris at 425-957-0700. Or, visit the company’s Web site: http://www.premiercapitalassoc.com/.
Contact: Jerry Daly, Chris Daly, (703) 435-6293, jerry@dalygray.com
Contact: Jerry Daly, Chris Daly, (703) 435-6293, jerry@dalygray.com
The project, built in 1999, is located at the intersection of Pensacola Boulevard and West Hood Drive. The property was 100% occupied at the time of sale and included 17,150 sf of local space with several recognizable tenants such as Radio Shack, Gamestop, GNC, Fantastic Sams, and Sally Beauty Supply.
