Massey Knakal Capital Services is pleased to announce the closing of a $69.5 million loan collateralized by nine hotel properties located in New York City, Rockland County, and New Jersey. The loan featured a 10-year term at 3.439%, with a 25-year amortization schedule and 60.00% LTV.
"Our client, a major hospitality owner, tasked us with sourcing capital in the 3% range. We were able to successfully identify a lender with a niche for limited service hotels and a competitive cost of capital. The Sponsor was able to pull out over $17,000,000 in cash-out and also reduce his debt service by $350,000 annually by virtue of our efforts,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.
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