First Mortgage Financing

in

Houston, TX

$9,750,000
Permanent hospitality loan in Houston, TX
January 6, 2021
Overview

The $9.75 million CMBS portfolio loan was used to retire existing debt and provide cash-out to the sponsor.

The two hotels are located in tertiary markets in the Houston metro area.  Additionally, one of the hotels had a drop in its operating history as a result of damage from Hurricane Harvey in late 2017. The client’s goals were to lock-in long term rates given the rising interest rate environment, and to maximize proceeds to yield cash-out proceeds to fund the development of a new hotel.

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