Hotel Near Disney World Receives $10 Million in Financing via Walker & Dunlop
Sep 16, 2019, 16:47 ET
BETHESDA, Md., Sept. 16, 2019 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $9,570,000 in financing for the Comfort Inn® Maingate. Located in Kissimmee, Florida, the 197-key hotel is just two miles away from Walt Disney World Resort and offers convenient access to SeaWorld, Universal Orlando Resort, and Legoland.
Walker & Dunlop's team, led by Vice President Jacob Cohen, leveraged its broad network of capital providers to secure a three-year bridge loan on behalf of the property owner, SLB Hotel Group. Said Mr. Cohen, "The property owner was looking for a very specific set of financing terms, including a relatively short duration and prepayment flexibility. We identified a credit union that understood the business plan, was able to lend nonrecourse debt, and was excited about lending on a Choice Hotel flag."
The new loan included some cash out proceeds and one year of interest only payments. It is estimated that the rates and terms of the nonrecourse financing will save the borrower $30,000 per month in interest payments.
"Jacob Cohen, of Walker & Dunlop, made the process of securing our refinance seamless and painless. We were under an accelerated timeline and Jacob was able to accommodate our request," commented Alfonso Borrero, CEO of SLB Hotel Group. "In addition, he found us a financial institution that provided the right loan vehicle to meet our needs. I would definitely recommend Jacob and the Walker & Dunlop team."
The Comfort Inn® Maingate, a franchise of Choice Hotels, caters to travelers and tourists of the adjacent Orlando, Florida theme parks. In addition to relaxing accommodations, the hotel offers top-notch amenities, such as a fitness center, outdoor pool, transportation to theme parks, as well as free parking, WiFi, and breakfast. The property underwent major renovations in 2016, and the owner has significantly increased the hotel's net operating income by implementing a revenue management system, resort fees, and streamlined operational practices.
Walker & Dunlop is a leader in the commercial real estate finance space and has been included in Fortune Magazine's Fastest-Growing Companies List for two consecutive years. The Fortune rankings are based on three-year growth in revenues, earnings per share, and total shareholder return. The rapid growth of the company's brokered loan originations over the past several years contributes to this ranking; the company completed $8.6 billion in brokered loans with over 235 different capital providers in 2018. To learn more about our broad range of financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 800+ professionals in 32 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.
