$11,625,000 | Central Pennsylvania
CHC CAPITAL CLOSES $11,625,000 FOR THREE LIMITED SERVICE PENNSYLVANIA HOTELS
David Turley, Janet Proscia and Jeffrey Pacailler arranged financing totaling $11,625,000 for three limited service hotels located in Central PA.
The properties financed included Days Inn, Carlisle with 198 rooms, Days Inn, Reading with 101 rooms and Wingate by Wyndham in York with 70 rooms.
We secured 10 year CMBS financing with 25 year amortization schedules for each of the loans. Proscia commented, “Hospitality assets have been getting a very good reception in the CMBS arena, however, the Days Inn flag had not been traded in a securitization pool to date. We had to sell the lender on the strength of the assets, cash flows and management to get the deals done.”
“The timing of this financing allowed our client to lock in a solid long term rate with a 4 handle. Additionally the cash out proceeds created the liquidity he was seeking to invest capital into new projects as well as these assets”, added David Turley.
Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numerous real estate assets in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/or servicing relationships with twelve institutional investors, mostly insurance companies, and currently services $2,000,000,000 of debt. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt.