Arriba Capital successfully closed a $2,000,000 rate and term refinance for a 133-key Rodeway Inn & Suites located in Fresno, CA.
The new loan refinanced an existing quarterly-adjustable SBA 7a and provided a 10-year fixed rate loan product. The loan was secured through a local credit union. The 10-year loan, 25-year amortization was sized to 70% LTV and priced at 4.75%.
The borrower is a San Diego private real estate investment firm that specializes in the acquisition and management of income-producing properties.