$3 Million Secured for Refinance of Florida Hotel
Abe Mann of Progress Capital negotiated $3,000,000 to refinance The Royal Inn Beach Hotel in Hutchinson Island, Florida. The property is composed of two separate buildings containing a total of 23 guest rooms and suites and is located mere steps from the beach.
Originally built in 1987, the property was recently renovated inside and out. Suites come equipped with a full kitchen including stove, oven, and full-size refrigerator. The resort also offers a newly renovated lobby, full management and cleaning staff on hand, an outdoor pool with sundeck area, and plenty of parking spaces.
The subject permanent financing represents 75% LTV accompanied by a 10-year term with 25-year amortization. Mann negotiated a substantial cash-out for the borrower which will be used for future development opportunities. The loan is also accompanied by a flexible 3,2,1,0 prepayment penalty schedule, which provides the borrower with flexibility to either refinance or sell within the term.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress