Commack Hampton Inn
$14,900,000 | Commack, NY
Owner/operator acquired and renovated the Commack Hampton Inn in 2008 and was seeking to refinance to reset the loan term and lower the interest rate to market.
The 1988-vintage box is 25 years old and is a risk, at some point before the loan amortization schedule ends, to be removed from the Hampton system.
CHC understood the unusually high barriers to entry in the Suffolk County market with the value of the highway visibility and made a case for the difficulty in finding an equivalent site able to accommodate a 144-unit Hampton.
CHC advised on the 10-yr fixed-rate, non-recourse financing with a regional bank.