Aries Capital president Neil D. Freeman said a $4.8-million, 10-year mortgage with 20-year amortization was arranged for the 121-room Comfort Inn at 3000 Finley Road, within a half-mile from the Interstate 355 interchange at Butterfield Road. The limited-service hotel was built in 1987 CompUSA had leased the 25,679-sf building at 3010 Finley Road since 1992 until getting a $1.8-million, 10-year mortgage with 25-year amortization, added Freeman. The overall loan-to-value for the two properties on 4.95 acres was 68%.
"Financing both product types simultaneously allowed for a higher blended loan-to-value amount," Freeman said. "This purchase included ample vacant land to allow for expansion of the hotel's room capacity or banquet facilities. Additionally, historically high occupancy rates coupled with recent room renovations creates a tremendous upside potential."
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