CHICAGO – Aries Capital, LLC has secured a $3.77 million, non-recourse, CMBS loan for La Quinta Inn & Suites in Port Charlotte, Florida. Aries Capital’s Leonard Smith, senior vice president from the firm’s Houston office, originated the loan. This is the second loan Aries Capital has arranged for the Borrower, a residential real estate developer who also owns the Four Points by Sheraton in Punta Gorda, Florida.
Built in 2008, the La Quinta Inn & Suites features 81 rooms and is located at I-75 and Kings Highway between Sarasota and Fort Meyers. The Borrower purchased the hotel with cash in 2012, and has continued to upgrade the property and increase bookings. Looking to place debt on the hotel, the Borrower once again engaged Aries Capital to lead the property financing.
Interdevco’s Leonel Maresma, vice president and chief financial officer from the firm’s Miami office stated, “Aries Capital has come through for us again. Leonard Smith was instrumental in finding the right Lender for this property and maintained a high level of involvement throughout the process.” Maresma continued, “From the original submittal package to the Lender, through the application process, during the Lender’s long due diligence process, and finally to the negotiations and closing of the loan, Leonard’s relationship with the Lender and active involvement was key in helping us achieve our goals.”
“We were pleased to assist the Borrower for the second time and see him rewarded for his wise decisions and notable improvements in the hotel’s performance,” said Smith. “The lender recognized the Borrower’s current and future success and was able to increase proceeds based on both projected revenue and the trailing months’ performance.”
About Aries Capital
Aries Capital, (www.ariescapital.com) is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Houston, Phoenix and Miami. Since 1991, Aries and its affiliates have arranged and/or directly funded over $4 billion in debt and equity for office, retail, multifamily, healthcare, hotel/lodging, industrial and special‐purpose properties in the United States and the Caribbean. The company, through its affiliates such as the Urban Development Fund (www.urbandevfund.com), has also provided over $500 million in tax credit and mezzanine financing. Aries provides permanent and interim financing through direct correspondent relationships with Wall Street CMBS lenders, life companies, hedge funds, regional banks and other institutional investors.
Follow Aries Capital on Twitter: http://twitter.com/#!/AriesCapital
Follow Aries Capital on Facebook: https://www.facebook.com/AriesCapital
Follow Aries Capital on LinkedIn: http://www.linkedin.com/company/aries‐capital‐llc?trk=fc_badge Subscribe to Aries Capital’s eNewsletter: http://ariescapital.com/contact‐us/