Project Features:
- Financing for Acquisition and Conversion
- $15,200,000 Non-Recourse Permanent Loan
RPC closed $15,200,000 in permanent financing 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 ten-year treasury and the underwritten loan-to-value was 70% with a loan-to-cost of 72%. The loan is structured as a ten-year term with a 25-year amortization.
Completing the conversion of the Inn at Wilmington to a Holiday Inn Express required a multimillion-dollar PIP in context of a fixed rate loan. Due to our sophisticated underwriting ability and attention to detail, the result was a non-recourse loan on both hotels at attractive terms to satisfy the client.