$5.7M to Refinance the Existing Debt for Comfort Suites
Lori Tirado, Managing Director with the Largo Hospitality Finance Group, arranged $5.7M to refinance the existing debt on an 82 room Comfort Suites located in Bloomsburg, Pennsylvania. The hotel was built in 2009 and requires a minor PIP that was financed with loan proceeds. The hotel is conveniently situated just off Interstate 80, the main highway that services the central portion of Pennsylvania. Additionally, the property benefits from its proximity to Bloomsburg University, located 4 miles to the east with a 9,200 student population. Lori arranged a 10 year non-recourse permanent first mortgage on a 20 year amortization schedule for the borrower.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.