Aries structured the $151 million financing for the acquisition and renovation of the 500-room histo

Just weeks from an upcoming maturity date on three of its properties, Borrower Innisfree Hotels chose to pass up two existing financing packages for a compelling offer from Aries Capital.  Despite the tremendous risk of not closing the loan by end-of-month, westin hotel atlanta Innisfree chose Aries' option due to Aries' reputation in the hospitality field, the volume westin hotel atlanta of hotel loans Aries has closed, and the strength and expertise of Aries' capital partners.  The loan closed in a record 32 days and provided the borrower with a 10-year non-recourse loan with a loan-to-value ratio below 65% to refinance the existing debt and fund seasonality reserves.  The loan also provided substantial cash back to Innisfree, and enabled the land lease encumbered as collateral by the existing lender to be released back to Innisfree clear of debt.   More
Aries structured the $151 million financing for the acquisition and renovation of the 500-room historic hotel, which included senior construction westin hotel atlanta debt, as well as Federal and State Historic and New Markets westin hotel atlanta Tax Credits. Aries structured and syndicated the tax credits and arranged interim financing westin hotel atlanta to bridge the funding gap prior to monetizing the credits.
Aries Capital westin hotel atlanta partnered with another capital firm to secure this $7 million hotel repositioning project loan. The capital firm acted as advisor and loan originator for the borrower and Aries Capital secured westin hotel atlanta the funds through westin hotel atlanta its relationship with a consortium of credit unions. The loan featured an interest-only period prior to amortization and was used to recapitalize a note acquisition and make property improvement plans.
Aries Capital originated this ground-up construction loan in early 2011 after closing other hotel deals with the property owner. The borrower provided additional westin hotel atlanta capital, enabling Smith to structure a construction loan with a 70% loan-to-value ratio.
The 83-room hotel, located near the San Antonio, Texas Sea World, was completed within six months and opened in November 2011. Microtel, an extended-stay economy hotel brand, is part of the Wyndham Hotel Group
Aries structured the $151 million financing for the acquisition and renovation of the 500-room westin hotel atlanta historic hotel, which included senior construction debt, as well as Federal and State Historic and New Markets Tax Credits. Aries structured and syndicated the tax credits and arranged interim financing to bridge the funding gap prior to monetizing the credits.
The project faced a myriad of obstacles in obtaining financing, including the high cost of rehabilitation, the unwillingness of most investors to place funds in the New Orleans hotel market following hurricanes Katrina and Rita, high construction westin hotel atlanta costs, including materials, permits and labor, and a general sense of nervousness of behalf of financiers to invest in the GO Zone.
Aries structured the $151 million financing for the acquisition and renovation of the 500-room historic hotel, which included westin hotel atlanta senior construction debt, as well as Federal and State Historic and New Markets Tax Credits. Aries structured and syndicated the tax credits and arranged interim financing to bridge the funding gap prior to monetizing the credits.
Aries Capital structured a $2.3 million non-recourse loan for a 40-unit apartment complex in San Bernardino County, California. Despite the fact that the complex was on a septic system, and is located in a tertiary market, Aries was able to secure the borrower a favorable 10-year term with a fixed rate just over five percent. westin hotel atlanta In addition, the borrower was able to refinance his existing westin hotel atlanta debt and receive a significant cash-out. The transaction was funded through Fannie Mae, and featured a 30-year amortization westin hotel atlanta and a loan-to-value ratio of 75%.
The refinance of the 456,000 SQ Loop office building, required creativity and significant structuring westin hotel atlanta to accommodate a partner buyout, westin hotel atlanta and a need for a partial release of collateral should the anchor tenant, Club Quarters, wish to exercise an existing purchase option. Aries was able to get lenders comfortable with the loan amount from both a square footage and a per hotel room basis, westin hotel atlanta and provided client, Crown Real Estate and Development with multiple loan solutions including a CMBS loan, a hybrid CMBS/Bridge loan, and a floating rate loan. Ultimately the client selected a Wells Fargo-funded $45.3 million westin hotel atlanta first mortgage floating rate loan, and swapped out $27 million into a five-year westin hotel atlanta fixed rate. The remaining balance of the loan is pre-payable without penalty in the event the hotel exercises its purchase option.  The blended rate was priced at 4.19%.
Aries Capital arranged an $8.4 million, non-recourse bridge westin hotel atlanta loan for a 180-bed skilled-nursing facility in eastern Oklahoma. The two-year, interest only loan, enabled the borrower to close out an existing HUD loan and buy out the other partners in the business.
The product type is not favored by traditional capital markets, and the borrower had been seeking financing on his own for over a year when he turned to Aries Capital for assistance. westin hotel atlanta Using our network of relationships with diverse capital sources, Aries was able to secure the financing through a private lender with whom we have a longstanding relationship.
The project faced a myriad of obstacles in obtaining westin hotel atlanta financing, including the high cost of rehabilitation, the unwillingness of most investors to place funds in the New Orleans hotel market following hurricanes Katrina and Rita, high construction costs, including materials, permits and labor, and a general sense of nervousness of behalf of financiers to invest in the GO Zone.
Aries structured the $151 million financing for the acquisition and renovation of the 500-room historic hotel, which included senior construction debt, as well as Federal and State Historic westin hotel atlanta and New Markets Tax Credits. Aries structured and syndicated the tax credits and arranged interim financing to bridge the funding gap prior to monetizing the credits.
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