Hutchinson Island, FL –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 guestrooms 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 leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
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