Property Type: Independent Hotel Portfolio Loan Amount: $8,600,000 Loan: Permanent Financing
Transaction Summary: We arranged the $8,600,000 debt refinancing for the owners of this portfolio. The project involved the 181 room Andover Tage Inn and the 93 room Milford Tage Inn. New York Commercial Lending secured the permanent financing on a non-recourse basis. This financing allowed the company to begin construction of their third Tage Inn. The hotel will be a 7-story, 78250s/f facility consisting of 150 rooms. This property enables the Tage to expand its presence into the lucrative downtown Boston market. You can obtain cash-out for up to 75% of the appraised value of your property There are no restrictions on this capital and, unlike a bank, you are not required to target these funds exclusively for your current property. We also fix in your rate insuring a stable mortgage payment over time. This option is available for up to 20 years.