Morrisville Associates received $9.2 million fixed-rate permanent financingwith a 25-year amortization for the Crabtree Crossing Townhomes. The complexcontains 208 units and a total of 230,373 sf situated on 21.46 acres. PPMFinance Inc. served as the correspondent in this transaction.
In the second transaction, Airport F.I. received $5.8 million fixed-rate financing with a 25-year amortization for the Fairfield Inn. The five-story hotel contains112 units and is located on a 2.17-acre lot. Built in 1998, the hotel has anaverage occupancy rate of 72%. GMACCM's Washington, D.C. HospitalityDivision arranged the transaction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
