The 119-room property caters mostly to a commercial and corporate group clientele during the week, and to "getaway" packages on weekends. Concord bought the asset four years ago, and since then has carried out a top-to-bottom renovation.
RockBridge originated the loan and sold a 90% senior participation in the first mortgage to Nationwide Life Insurance, retaining a first loss position. The funding represents about 73% of the property's total capitalization and carries a three-year term with a 20-year amortization. The interest rate will be recalculated each December 1 and is based on the one-year Treasury rate +350 basis points.
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