CHICAGO—Aries Capital has closed on the financing for a 156-unit, all-suites hotel in Atlanta, Ga. The hotel, formerly a Comfort Suites, has been repositioned as a Marriott Fairfield Inn & Suites.
Jeff Bucaro, senior vice president of Aries Capital, closed the deal. Philadelphia-based Frontier Development and Hospitality was the borrower.
In the transaction, the borrower received a $7.7 million permanent loan with a five-year fixed rate term for a recently renovated Comfort Suites property. The transaction was funded through a consortium of credit unions, and proceeds were used to pay off a maturing construction loan, buy out an existing equity partner and fund the PIP requirements to reflag the asset to a Fairfield Inn & Suites.
Formed in 1998, Frontier Development and Hospitality Group focuses on the acquisition, repositioning and operation of an array of commercial real estate asset types.