Home Hotel APF Arranges Acquisition Mortgage for a Hampton Inn & Suites

APF Arranges Acquisition Mortgage for a Hampton Inn & Suites

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APF Arranges Acquisition Mortgage for a Hampton Inn & Suites

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acquisition loan

ATLANTA, Georgia—Entry Level Monetary (APF) has organized an $18.5 million acquisition mortgage for the Hampton Inn & Suites St. Augustine-Vilano Seashore, situated in St. Augustine, Florida. APF stepped in after one other lender backed out and helped the sponsor, Innisfree Lodges, shut in lower than three weeks as Hurricane Idalia was making landfall and headed in the direction of St. Augustine, Florida.

“This was a time-sensitive deal since our earlier lender, a credit score union, had backed out, leaving us with a possible loss of a big deposit. APF was capable of present us a versatile bridge mortgage and shut in three weeks, all whereas Hurricane Idalia was projected to make landfall close to the property,” stated Brooks Moore, chief monetary officer, Innisfree Lodges.

“Our hotel-exclusive platform permits us to supply financing for high quality property with seasoned sponsorship in applicable places,” stated J. Dana Tsakanikas, chief funding officer, Entry Level Monetary. “The Hampton Inn St. Augustine aligns with APF’s and Innisfree’s portfolios, and Innisfree is a sponsor with whom we have now financed or invested in eight transactions over the previous eight years, which allowed us to maneuver rapidly and with certainty on this transaction.”

The three-story, 94-room Hampton Inn & Suites St. Augustine-Vilano Seashore has a health middle, breakfast eating space, market pantry, outside pool with whirlpool and patio, and 840 sq. ft of assembly area. The property is situated close to Vilano Seashore and near the historic district of St. Augustine, which is located between the Atlantic Ocean on the East and the Intracoastal Waterway on the West. Friends can have entry to Northrup Grumman’s Plane Integration of Excellence, Florida Division of Army Affairs, together with Flagler Faculty, Flagler Hospital, Ponce de Leon Fountain of Youth Archeological Park, and the Castillo de San Marcos Nationwide Monument.

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