MIAMI—Chatham Lodging Trust just locked in attractive financing. The hotel REIT, which owns wholly or through its joint venture about $1.5 billion of hotels, closed on a $20 million, fixed-rate first mortgage loan.
Barclays Bank provided the 10-year loan, which is secured by the 197-room Courtyard by Marriott Houston Medical Center hotel. The loan carries a fixed interest rate of 4.18% per year with principal and interest based on a 30-year amortization.
Proceeds from the loan will be used to repay outstanding borrowings under the company's secured revolving credit facility. The company now has $40 million available under its $115 million revolving credit facility.
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