Arriba Capital successfully closed a $3.8 Million loan for a 105-key Rodeway Inn & Suites. The new loan was used to refinance the existing 1st ortgage lender and additional subordinate notes. The transaction was complicated by having to get the SBA to esubordinate their loan to a larger 1st mortgage amount. The new 1st mortgage was leveraged to 70% LTV with a 10-year term and 25-year amortization.
Rodeway Inn & Suites is an economy-scale hotel that is operated as part of the Choice Hotelmbrell. According to Choice, there are currently 644 U.S. and 4 International Rodeway roperties in operatio toda.