CHICAGO—Chicago-based Aries Capital secured and closed a $5.3 million loan for the Four Points by Sheraton Hotel in Punta Gorda, Fla. Aries Capital’s Leonard Smith, senior vice president, and Eric Jones, vice president, arranged the loan for the 106-room hotel.
“This was a very complex transaction that was being processed at the same time as the sale of separate multifamily property owned by our client, Interdevco,” said Jones. “Not only was the existing debt on the other property being assumed by the buyer, but our client also utilized a 1031 exchange to use his equity to purchase the hotel making timing critical to the success of the transaction.”
The $5.3 million loan features an additional $500,000 from the original request, a 10-year term with prepayments through the first nine years, a 5.01 percent interest rate and a 25-year amortization.