Scott Henderson with Sperry Van Ness/Visions Commercial in Fort Worth tells GlobeSt.com that the note sale was sealed off market for 85% of the face value of the four-year-old hotel at 915 N. General Bruce Dr. He says a private investor from Dallas/Fort Worth held the original mortgage.
According to Bell County tax records, Shreesoham LLC is the local franchisee and hotel's operator. The hotel, sitting on 0.6 acres, is assessed at $1.42 million.
"I was approached by the investor who held the note," Henderson explains about events leading up to the sale. At the time, Henderson was closing a sale of a multifamily property in Fort Worth and offered the note to that deal's lender. The note buyer of record is Temple RRI LLC.
Henderson says the advantage to brokering a note is the deal can be quickly closed. "It doesn't take too long to figure out the discount," he explains, adding the Red Roof Inn deal found a buyer on the first telephone call.
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