$7,500,000 | Mobile, AL
CRONHEIM HOTEL CAPITAL SECURES $7,500,000 FOR HILTON GARDEN INN – MOBILE, AL
David Turley, Janet Proscia and Jeffrey Pacailler arranged financing totaling $7,500,000 for the Hilton Garden Inn in Mobile, AL. The 10-year loan was structured with a 30-year amortization schedule and executed via CMBS to replace maturing debt. The Property was constructed by the Borrower in 2008 and has become one of the top hotels in the market.
Mobile has proven to be an exceptionally stable market over the past decade due to a wide variety of industry and employment. In addition, a number of recent developments in the aerospace, shipbuilding and steel industries have provided strong catalysts for future growth and expansion. The Subject Property is well positioned to capture this demand.
“CHC has built a strong track record executing deals of this type – well flagged and well located limited service hotels in secondary and tertiary markets throughout the U.S.”, commented David Turley. “In general, lenders remain conservative on these assets. However, we’ve been very successful in understanding and communicating the specific merits of each deal to secure favorable financing.”