Property Type: Oceanfront Resort Hotel Loan Amount: $2,150,000 Loan: Permanent Financing
Transaction Summary:  Our assignment was to arrange the permanent financing in order to payoff previous stockholders, a line of credit, and an estate controlling 25% of the property. We were also faced with a previous Chapter 11 bankruptcy and a seasonal, independent hotel with a loan per room exceeding national hotel standards. Based on our previous work out experience and extensive hospitality knowledge, we were able to prepare a viable financing package. Once we demonstrated that the property cash flow supported the loan, we prepared a detailed explanation of the bankruptcy and a comparable analysis of hotel resort properties justifying the loan amount per room. In addition to the 1st mortgage, we also secured a FFE loan which reimbursed the owner for prior improvements to the property. This additional loan was critical in order to satisfy both the current owner as well as the estate and the previous stockholders.