| Home | October 2013News | Terrace Capital, Inc. - Announces: Non-Recourse Senior Mortgage Financing- $7MM - Baymont Inn & Suites - Battle Creek & Kalamazoo, MI. |
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 Terrace Capital, Inc. - Announces: Non-Recourse Senior Mortgage Financing- $7MM - Baymont Inn & Suites - Battle Creek & Kalamazoo, MI.- Terrace Capital, Inc. - Announces: Non-Recourse Senior Mortgage Financing- $7MM - Baymont Inn & Suites - Battle Creek & Kalamazoo, MI.
- October 28, 2013
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Terrace Capital announced today that it has secured $7MM in non-recourse, mortgage financing for a portfolio of three Baymont Inn & Suites, limited-service hotels, located in Battle Creek & Kalamazoo, MI.
The portfolio of three properties consisted of 361 rooms located at, 2203 South 11th Street & 6420 Cracker Barrel Boulevard in Kalamazoo, MI and 4725 Beckley Road in Battle Creek, MI.
The proceeds of this $7MM, 65% loan-to-value non-recourse loan were used by the borrower, A&M Hospitality, for the refinance of recourse, local bank renovation debt. The new, non-recourse senior debt had a 10-year fixed term and a 25 year amortization schedule and contained a substantial cash out. A&M Hospita...
- View more at: http://www.1888pressrelease.com/terrace-capital-inc-announces-non-recourse-senior-mortg-pr-497418.html
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