CUERO, TX–Aries Capital has closed on financing for a new 77-unit, Holiday Inn Express to be built here. The hotel is located within the Eagle Ford Shale area of Southern Texas.
Leonard Smith, SVP, from the firm's Houston office handled the arrangement which amounts to $4.7 million.
“We chose to work with Aries Capital because of their knowledge of the hotel industry as well as their ability to secure financing for challenging circumstances,” said Anil Verma of Avalon, LLC and the borrower in the loan transaction. “In this particular instance Leonard not only had to find a lender willing to provide a loan for new construction, but once the lenders were sourced, he then also had to coordinate between SBA loan provider as well as the Community Development Council (CDC) to ensure the requirements and deadlines were met.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
