"First Central Savings Bank provided the most competitive loan available in the market, with a 7% interest rate and non-recourse financing," says Moloff, in a statement. "The conservative loan structure and strength of the sponsorship provided the security and confidence necessary to arrange the financing." Finding a bank that was willing to do the non-recourse loan was the toughest part, Moloff explains to GlobeSt.com.
The 135,000-square-foot hotel double as an office building, with 47,000 square feet committed as office space. The office space is just shy of 100% leased with 12 tenants. The hotel area of the property boasts 129 guest rooms, 225 parking spaces and 6,400 square feet of banquet facilities. The building has been owned by Brock Services since 1979. No capital improvements are currently in the works for the property.
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