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CHICAGO-Tramz Hotels Group, headquartered in Warrenville, NJ,has received $38 million in financing for a hotel portfolio, whichwas arranged by Aries Capital, based here. Aries arranged the loanfor a seven-hotel portfolio of Hampton Inn properties, says AndreaRiegsecker, executive vice president of Aries Capital. Thefinancing was provided by JP Morgan Chase. Riegsecker closed thetransaction.

The loan-to-value for the financing is about 70% overall,Riegsecker tells GlobeSt.com. The interest rate for the seven-yearloan is 6.9% with a 25-year amortization. The financing isstructured so that there is no penalty for paying off the loanduring the last two years of the seven-year term, she says. Inaddition, "The financing was structured so that mezzanine financingcould be placed on the hotels for renovations in the future,"Riegsecker says. The existing loan for the hotel portfolio was dueto mature this fall.