(To read more on the debt and equity markets, click here.)
AUSTIN, TX-A Houston partnership has obtained a $5.35-millionloan to knock out five-year, fixed-rate construction debt on the102-room Hampton Inn & Suites Austin Airport. The new financinghas shaved roughly three points from the interest rate.
"The old loan on the Hampton was an unusual construction loan inthat it was a fixed-rate, five-year loan that had matured," B.Jeffrey Knowles, managing director for Holliday Fenoglio Fowler LPin Houston, tells GlobeSt.com. "It was a fixed-rate loan at an 8.5%rate. I think they much prefer the loan we got for them." The newfinancing for the 7712 E. Riverside Dr. property is a 10-year,fixed-rate securitized loan at less than 6.5% interest and 30-yearamortization.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
