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The Cadence Hotel- Niagara Falls, NY

Posted by Avatar Financial

Avatar provided a $4.745 million loan for a  hotel in Niagara Falls, New York. The property is located a few blocks from the Niagara Falls state park – a popular tourist attraction. A hotel redevelopment program was initiated to add six new rooms and a restaurant. However, in the midst of making improvements, the bank discontinued funding for the construction due to COVID-19 related challenges. The Sponsors used all available resources and credit facilities to finish the project. The hotel’s improvements are complete and reopened for guests in May 2021.

  • Loan Amount: $4.745 million
  • LTV: 66%
  • Interest Rate: 9.99%
  • Term: 1 year

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