WELLINGTON, FL-GreenPark Management has obtained $10 million in financing for its Hampton Inn & Suites at 2155 Wellington Green Dr., which was completed in December 2005. The loan replaces an earlier floating rate construction loan. Greensboro, NC-based Jefferson Pilot Financial is the lender.
Michael Kavanau, senior managing director of the Chicago office of Holliday Fenoglio Fowler, and Elliott Throne, director of HFF's Miami office, arranged the financing. According to Kavanau, it is a 70%-leveraged, 10-year mortgage at a fixed rate of 5.97% and has a 20-year amortization schedule. HFF will service the loan.
The four-story asset, located a half mile west of Route 441, contains 122 keys, including 32 apartment suites. It is the seventh Hampton Inn & Suites developed by GreenPark in Palm Beach County within the past three years. Others are in Boca Raton, Boynton Beach, Deerfield Beach, Palm Beach Gardens, West Palm Beach and at the West Palm Beach International Airport.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.