CINCINNATI, Feb. 16, 2016 /PRNewswire/ -- Hyde Park Commercial Group, a commercial real estate advisory firm is pleased to announce the closing of a $8,300,000 construction loan for a Hampton Inn. The proposed subject property will feature four stories, 85 rooms, breakfast dining area, indoor pool, indoor whirlpool, an outdoor sundeck, fitness room, lobby workstation, sundries counter, guest laundry room and vending areas.
Hyde Park CG advised and arranged a bank loan facility with the local economic development fund's participation. The loan featured a construction to perm amortizing debt facility that provided construction capital, converting to a permanent loan upon completion and stabilization. The debt was structured in two tranches, $6,800,000 conventional and $1,500,000 provided by the local economic development fund. The conventional debt pricing was WSJ Prime +50 basis points during construction, converting to a 25 year amortizing permanent loan at 175 basis points above the Boston Federal Home Loan Classic Rate Option. The local economic development fund provided the second tranche that featured debt pricing at Economic Development Fund Prime rate minus -0.75% or 2.75% floating, with a 138-month term and 20-year amortization. Hyde Park was able to arrange the full request through an east coast bank and local economic development fund.
Hyde Park Commercial Group arranges capital through a broad range of sources from hedge funds, life companies, CMBS, private investors, SBA, to regional and national banks. Hyde Park focuses on debt placement for improved commercial real estate properties, with a specialization in hospitality properties, and business finance transactions nationwide.
For more information, call Daniel Redlinger or Jerry Dehner, Managing Partners at 513-792-2940 or visit: http://www.hydeparkcg.com.
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SOURCE Hyde Park Commercial Group