NATIONAL REPORT—Mumford Firm, MidCap Funding and CHC Capital have all accomplished lodge transactions. Right here’s a take a look at a current sale, plus two financing offers:
Mumford Firm Completes Sale of Fairfield Inn & Suites
Mumford Firm has accomplished the sale of the Fairfield Inn & Suites by Marriott Winchester in Winchester, VA. Ed James and Steve Kirby, managing principals of Mumford Firm, represented the vendor, Entrance Royal Pike LLC, within the sale of the asset to Aspire Hospitality LLC. That is Aspire’s seventh lodge acquisition and first Marriott-branded property of their portfolio. The 85-room property is near Shenandoah College, company headquarters of American Woodmark, HP Hood, amongst others.
MidCap Funding Arranges Refi for Vacation Inn Specific & Suites
MidCap Funding has organized a $12 million mortgage for the refinance of a Vacation Inn Specific & Suites totaling 119 rooms in Clearwater, FL. The 10-year mortgage was structured with a 25-year amortization schedule and executed through CMBS. Mortgage proceeds had been used to take out the prevailing first and second mortgages, fund the completion of an ongoing property enchancment plan and supply the borrower with cash-out proceeds. Taylor W. Grace, managing companion at MidCap Funding, negotiated and spearheaded the mortgage closing on behalf of the borrower.
CHC Secures Refi for Home2 Suites
CHC Capital has organized $10,250,000 for the refinance of the Home2 Suites in Lithia Springs, GA. The mortgage was positioned with a nationwide lender and supplied a 10-year time period and 30-year amortization with an rate of interest fastened at three.6%. The 92-key property was opened in June 2018 and had simply accomplished its first yr of operations when CHC started exploring a refinance with the possession group. CHC was in a position to safe a deal that offered a return of fairness to the Sponsor even with the restricted working historical past.