HOUSTON-According to a recent company release, HREC has successfully obtained a $10.7 million fixed-rate loan via a national commercial real estate lender. The purpose? The company was responsible for arranging the senior financing on the property, despite a “challenging” financing environment, Mike Armstrong, HREC principal and co head of Capital Markets, was quoted as saying.
“Our client needed to replace a maturing loan that had been placed on the property five years ago,” Armstrong further expressed. “We successfully obtained multiple debt quotes for our client to choose from.”
The hotel property encompasses 131 rooms and it is located in the city’s Galleria area. This district also includes several other branded hotels such as the Westin Galleria and the Embassy Suites Houston.
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