The 6.60% Fixed Rate 7 Year Permanent Financing with Interest only Payments for First Two Years and a 25 Year Amortization Schedule was secured by a First Mortgage Lien on the Hotel Property.
"The $ 20,150,000 financing allowed the Borrower to pay off existing higher rate debt and purchase the underlying ground lease of the Hotel Property," said Sukhbir Singh Benipal, President of ParkSide Real Estate Capital. "The Loan allows for an additional $ 2,000,000 drawdown to fund expansion and additions to the Property."
About Inn and Spa at Loretto
The Full Service 134 Room Inn and Spa at Loretto shares grounds with the celebrated Loretto Chapel and sits at the end of the Santa Fe Trail. The hotel features SpaTerre; dining at BALEEN Santa Fe, a year-round heated outdoor swimming pool; outdoor sculpture garden; fitness center; concierge; the Columbine Gallery; Three Ravens Fine Art and a collection of boutiques.
Inn and Spa at Loretto is located at 211 Old Santa Fe Trail, Santa Fe, NM 87501.
For more information or to make reservations, please call (800) 727-5531 or visit the hotel at www.innatloretto.com.
About Noble House Hotels & Resorts
Noble House Hotels & Resorts is a privately held Hotel Management and Development Company based in Seattle, WA. The company owns and manages 12 Boutique Hotels and Resorts. Founded in 1980, the Noble House collection includes such renowned properties as The Adolphus in Dallas, TX; Little Palm Island Resort & Spa in the Florida Keys and The Edgewater in Seattle, WA.
For more information, visit www.noblehousehotels.com.
About ParkSide Real Estate Capital
ParkSide Real Estate Capital is a full service Commercial Mortgage Firm providing Financing for a variety of Income Producing Commercial Real Estate and Hotel Properties nationwide through its CMBS Lending Programs and offers Institutional Placements as well as Mezzanine, Bridge and Construction Loans.
For more information about ParkSide's Lending Programs call (212) 579-8500 or visit http://www.parksidecapital.com.