SEDONA, AZ— Chicago-based Aries Capital has arranged $9.75 million in financing for the 40-room Canyon Portal based here. Sited on a 3.3-acre bluff, the hotel is part of a mixed-use development that incorporates 25,000sf of high-end retail space. The renovated guestrooms are contracted under a 20-year lease with IXL Corp. According to Aries Capital, the purpose of the loan was to retire the current hard money mortgage and remaining rehabilitation costs.
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