Arriba Capital successfully closed a $14,900,000 loan for two Hampton Inn's on Florida's Atlantic Coast. Each property will go through substantial PIP's. As a result, Hilton will be extending the franchise terms at each property for another 15 years. The two year loan was sized up to 70% of the total project cost. The loan was closed in 45 days from application to meet a 1031 deadline.
The borrower is an experienced, privately held, hospitality group located in the southeast.