CHARLOTTE, NC—Cronheim Hotel Capital has arranged financing totaling $7 million for the Holiday Inn Express & Suites Charlotte North here. The 10-year loan was structured with a 25-year amortization schedule and executed via CMBS to provide the borrower with cash out proceeds. The borrower constructed the property in 2015.
“It can be very challenging to get lenders to provide cash out proceeds, especially on new hotels with limited operating history,” said David Turley, principal, Cronheim Hotel Capital. “By demonstrating strong demand, a stable market and a replacement cost higher than the cost basis, we’ve been successful on a number of these transactions. This closing adds another deal to that list.”