Largo Finances $31 Million for Six Hotel Properties Across the US
Buffalo, NY – March 2, 2015– Lori Tirado and John Svec, Managing Directors of the Largo Hospitality Finance Group, secured $31 million in financing for six hotel properties located throughout the U.S.
Lori Tirado, Managing Director of the Largo Hospitality Finance Group, arranged permanent financing in the amount of $15 million to refinance the existing debt on four limited service flagged hotels located in Florida and Louisiana.
The first property, located in Vero Beach, Florida, is a 60-room Howard Johnson Express hotel. The subject benefits from its close proximity to I-95 (0.1 Miles) and the Vero Beach Waterfront, with restaurants, shops and entertainment all within walking distance. The hotel is situated on Highway-60, a main commercial thoroughfare that connects West Vero to Vero Beach. The 10-year, fixed rate loan was placed with one of Largo’s correspondent life insurance companies and structured as a 20-year self-amortizing loan.
The second property is a 63 room Hampton Inn & Suites located in Quincy, Florida. The countryside hotel serves primarily as an interstate stop, conveniently situated along Interstate-10; twenty miles west of Tallahassee. Tirado secured a 10-year, non-recourse, fixed rate loan with 20-year amortization for the borrower.
The third property, located in Pinellas Park, Florida, is a 70-room Country Inn & Suites. The hotel was built in 2008 and is situated along US Highway-19 North near Interstate-275 within the Tampa-St. Petersburg MSA. The subject also benefits from its close proximity to numerous business centers, the St. Petersburg/Clearwater International Airport, Parkside & Tyrone Mall, downtown St. Petersburg, Treasure Island and numerous area beaches. Tirado arranged a 10-year, non-recourse, fixed rate loan with 30-year amortization for the borrower.
The fourth property, located in Broussard, Louisiana, is a 61 room LaQuinta Inn & Suites. The hotel is conveniently situated in the heart of Cajun County, steps away from the Louisiana Oil Center and across the street from the State University of Louisiana at Lafayette. Tirado secured a 10-year, non-recourse, fixed rate loan with 30-year amortization for the borrower.
John Svec, Managing Director of the Largo Hospitality Finance Group, arranged $16 million in construction-permanent financing for an 83-room Hampton Inn & Suites and permanent financing for a 126-room Holiday Inn, both situated in the Midwest.
The site for the proposed Hampton Inn and Suites is located in Minooka, Illinois, a southwestern suburb of Chicago. The hotel will be constructed along Blair Road in an area experiencing major commercial and industrial warehouse/office developments. Svec arranged a 5-year, non-recourse, fixed rate loan with a 30-month interest only period followed by a 25-year amortization schedule.
The Holiday Inn, located in Columbia, Missouri, is equidistant to St. Louis and Kansas City and only six miles from the University of Missouri. The hotel serves interstate and business travelers, as well as tourists visiting the areas vineyards and annual festivals. Svec secured a 3-year, fixed-rate, non-recourse loan with 25-year amortization for the borrower.
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.