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| Hampton Inn Crystal City, Arlington, VA |
WASHINGTON, DC– Marcus & Millichap Capital Corp. (MMCC),
a leading provider of commercial real estate financing and capital markets
expertise, has arranged two CMBS loans totaling $30.8 million to refinance two
hospitality properties.
The properties are the Hampton Inn Crystal City in
Arlington, Va., which received $25 million and the Holiday Inn Capital
Square in Columbus, Ohio, which received $5.8 million.
Keith Bauer, a director in MMCC’s Washington, D.C.
office, arranged both loans.
“In light
of upcoming maturity, the borrowers decided to take advantage of new lower
interest rates and the opportunity to take out equity,” says Bauer.
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| Holiday Inn Capital Square, Columbus, OH |
“Keith and his team did an excellent job understanding our
needs, delivering multiple loan proposals and insuring the best possible fit
for our situation,” says Benoist Castera, a representative of
InterAmerican Hotels and president of Sound Hospitality, which provides hotel
management services for the hotels.
“Keith explained the pros and cons of each alternative and
he and his team walked us through each and every step of the process until the
closing was completed. Conduit loans have become much more complicated and I am
thankful that I had Keith and MMCC on my side.”
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| Keith Bauer |
The
Hampton Inn loan is a $25 million CMBS debt placement with a fixed interest
rate of 4.76 percent and a 65 percent loan to value. The Holiday Inn received a
$5.8 million CMBS loan with a fixed interest rate of 4.8 percent and a 70
percent loan to value.
“These debt transactions really underscore our comprehensive
platform of service offerings to create value for our clients outside of the
traditional investment sale,” concludes Gregory LaBerge, vice president and national
director of Marcus & Millichap’s National Hospitality Group.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation
(925) 953-1716
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