$6,000,000 | Spring Lake, NC
Local owner/operator was seeking a cash-out refinance of a limited service hotel located in a small North Carolina town near Fort Bragg.
Market and hotel revenues were dominated by Fort Bragg-associated demand.
Property revenues dropped after the Loan Application was signed when hotel temporarily lost a key group contract.
Loan collateral included two small development sites that client wanted the ability to release from the mortgage at a later date.
CHC made a case for continuing demand growth from Fort Bragg and sourced a lender willing to get comfortable with the declining revenue.
CHC visited the property to see how the outparcels impacted the site and helped borrower and lender create a mechanism for their release.
CHC closed a 10-year non-recourse loan at a sub-5% interest rate.