Location: Palm Coast and St. Augustine, Florida
Loan Amount: $14,900,000
Interest Rate: L+550
Term/Amortization: 2 years Interest Only
Loan to Cost: 70%
Purpose: Arriba Capital successfully closed a floating rate bridge loan for the acquisition of two limited service Hampton Inn's located on the Atlantic Coast of Florida. Each property will be undergoing Hampton's "Forever Young" PIP's to extend their franchise terms for another 15 years. The loan was closed within 45 days from application to meet a 1031 exchange deadline.