» $6.5 Million - Hotel & Retail - Glendale, CA
Posted by Loan Closed
Since 1924 the Brandwood Hotel has set the standard for hospitality in the heart of Glendale. Our Borrower has owned and operated the subject property since 1999. The subject property has been continually upgraded and has a 4 star rating from Expedia, Hotels.com, Orbitz, Travelocity and a 3.5 star rating or higher with Trip Advisor and Google. In addition to the 40 hotel rooms, the property has 7.5K square feet of first floor retail space.
The Borrower contacted Avatar in need of cash for the purchase of another hotel property. Avatar was able to refinance the property and provide the borrower with the cash out needed in time to capitalize on the new opportunity.
- Loan Amount: $6,500,000
- Broker's Commission: $65,000
- LTV: 61%
- Interest Rate: 7.5%
- Term: 12 months