IRVINE, CA/SILICON VALLEY, CA—The sale of the Comfort Inn & Suites Pittsburgh has closed. The property was sold on the Ten-X Commercial online platform for $14.1 million. Ten-X Finance arranged $10.5 million in financing through Deutsche Bank for the buyer, an individual investor. Paramount Lodging Advisors was engaged as exclusive broker on behalf of the seller and partnered with the Ten-X Commercial platform to secure more than 140 confidentiality agreements from qualified investors and transact the asset.
Along with Ten-X Commercial helping to generate a pool of qualified applicants and source the eventual buyer, the Ten-X Finance platform was utilized to fund the acquisition, consisting of a 10-year term first mortgage with a 65% loan-to-cost. Shannon Stotts of Ten-X Finance sourced the debt from Deutsche Bank. Located at 180 Gamma Dr., Comfort Inn & Suites Pittsburgh is a 223-key, full-service hotel approximately 10 miles north of downtown Pittsburgh in the RIDC Industrial Park. It is the only hotel permitted within the park.
Since its official re-launch in June, Ten-X Finance has closed 12 transactions with numerous others in the pipeline set to close before the end of the year. Recent loans closed by Ten-X Finance include the following: an $8-million loan for a private investor’s purchase of a Courtyard by Marriott in Brunswick, GA, through a regional bank; a $5-million loan for a 361-bed Luxury Student Housing property in Cortland, NY, purchased by a private investor through a regional bank; a $3.95-million loan for a private investor’s purchase of a Fairfield Suites in Manassas, VA, through a specialty hospitality lender; and a $2.24-million loan for a triple-net (NNN) Fifth Third Bank branch in Des Plaines, IL, for a private investor, through a national bank.