ARLINGTON, VA—Marcus & Millichap Capital Corp. has secured a CMBS loan for $25 million to refinance the Hampton Inn Crystal City here. Keith Bauer, a director in MMCC's local office, arranged this loan and a $5.8 million CBMS for the Holiday Inn Capital Square in Columbus, Ohio.
The $25 million CMBS debt placement has a fixed interest rate of 4.76% and a 65% loan to value. The Holiday Inn's $5.8 million CMBS loan's interest rate is 4.8% and a 70% loan to value.
Both loans were maturing and the borrowers wanted to advantage of the lower interest rates and take out equity, Bauer says.
Sound Hospitality provides hotel management services for the hotels.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
