Search
 

Holiday Inn Lands $14M Debt and Equity

BOSTON-The $11-million fixed-rate first mortgage and $2.91 million of preferred equity will refinance an 18-month old construction/renovation loan.

By Ryan Clark | Updated on June 01, 2009

BOSTON-The owner of the Holiday Inn Express Hotel & Suites at 280 Friend St. is securing $13.91 million of debt and equity to refinance an existing construction/renovation loan. The loan is built for five years with a 25 year amortization and interest rates of 4%.

The hotel was purchased by Gemini Real Estate Advisors 18-months prior and began a $6-million renovation project, which involved its lobby, guestrooms, corridors and elevators. Much of the façade was covered under this reworking of the building. The loan this time around was broken up into an $11-million fixed-rate first mortgage and $2.91 million of preferred equity. EVP of CB Richard Ellis Keith Braddish and Jason Gaccione, a VP of CBRE, worked with fellow CRE man Michael Prakken to arrange the refi.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.