Cronheim Lodge Capital (CHC) has secured $13.25 million from a regional financial institution to capitalize the leasehold acquisition and alter of possession PIP for the Hampton Inn & Suites in Prattville, Alabama. The five-year financing consists of 18 months of curiosity solely and no prepayment penalty for the lifetime of the mortgage.
The lodge is positioned simply outdoors of Montgomery and proximate to a wide range of demand turbines, reminiscent of Maxwell Air Power Base and the Alabama State Capitol. There might be a full property refresh following the acquisition.
David Turley, president of CHC, mentioned, “Many lenders struggled with the leasehold nature of the property, which isn’t frequent in a suburban location like this. We finally secured the financing with an in depth banking relationship of ours that noticed by the noise and acknowledged how compelling of an asset and market this really is. We’re very happy with the execution for our consumer and excited to look at them steward the lodge’s sturdy efficiency.”
