Loan Type : Acquisition
Loan : $15,200,000
A $15,200,000 acquisition loan for the Courtyard by Marriott and The Inn at Wilmington, two hotels situated on a single tax parcel located in Wilmington, Delaware. The interest rate was fixed at 315 basis points over the 10-year treasury and the underwritten loan-to-value was 70%. The loan is structured as a ten-year term with a 25-year amortization.