Largo Finances $20 Million for Five Hotel Properties
BUFFALO, NY – July 21, 2015 – Lori Tirado, Managing Director of the Largo Hospitality Finance Group, secured $20 million in financing for five hotel properties located across the U.S. The properties consisted of two Holiday Inn Express’, one located in White House, Tennessee and the other in Palatka, Florida; a Comfort Suites in Salem, Virginia; a Motel 6 located in Columbus, Ohio and a Fairfield Inn & Suites in Marianna, Florida.
The 70-room Holiday Inn Express located in White House, TN is situated in an excellent location adjacent to I-65, and benefits from its proximity to Nashville, which is 20 miles south of the hotel. The hotel was built in 2008 and acquired by the current owners in 2013. The hotel recently underwent a $1M renovation required by the brand (IHG). The Holiday Inn Express in Palatka, Florida was built in 2009 by the current owner. The hotel consistently receives a five star rating from Trip Advisor and IHG based on the incredible service and accommodations they provide. In addition to both Holiday Inn Express’, Tirado refinanced the existing debt and provided the necessary funds to complete a required PIP on the 78-room Comfort Suites Inn at Ridgewood Farm located in Salem, Virginia. The hotel is situated in the quaint City of Salem, just 6 miles west of the City of Roanoke, and is conveniently located near the Blue Ridge Parkway, Salem Civic Center and Roanoke College. The owners of all three hotels received a 10-year non-recourse loan with a fixed interest rate in the 4% range.
Tirado also refinanced the existing debt and provided the funds necessary to complete a PIP on a 104-room Motel 6 located in Columbus, Ohio. The property is situated in an excellent location adjacent to I-70, which provides convenient access downtown Columbus, as well as numerous venues and attractions such as the Columbus Museum of Art and the Ohio State University. Tirado secured a 20-year self-amortizing loan for the owners of the hotel with an interest rate in the 4% range through one of Largo’s correspondent life insurance companies.
Lastly, Tirado arranged Bridge and CapEx financing for a Fairfield Inn & Suites, located in Marianna, Florida. The hotel consists of 77-rooms and is located directly between Tallahassee and Panama City, Florida, along the Florida Panhandle. The owners refinanced the existing debt and secured the necessary funds to complete a required PIP mandated by Marriott. The loan closed within a 2 week time-period, which provided the owners with the capital necessary to complete the renovation within a specific time.
The Largo Group of Companies is a commercial mortgage banking firm that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative commercial real estate 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.
Largo has 17 correspondent relationships and offers additional lending sources, providing property owners and developers long-term, non-recourse commercial real estate financing at a competitive fixed rate.