12-13-19

Real Estate Journal — December 13 - 26, 2019 — 19A

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M id A tlantic

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The loan offered a 10-year term CHC secures $22M refinance for Embassy Suites - Richmond, VA

R

ICHMOND, VA — CHC Capital has ar- ranged $22 million for

the refinance of the Em- bassy Suites in Richmond, VA for Sha- min Hotels. T h e l o a n was placed with a na- tional lender

Embassy Suites in Richmond, VA

David Turley

generators. In connection with the refi- nance transaction, the lender allowed Shamin to subdivide the parcel to create a separate lot for a future hotel develop- ment adjacent to the Embassy. David Turley , president of CHC commented: "We're pleased to have completed another transaction for Sha- min Hotels, one of the pre- tured with five years of inter- est-only payments, followed by a 30-year amortization. The transaction was led by manag- ing director Matthew Hod- son of M&T Realty Capital Corporation’s Falls Church, VA office. “M&T is pleased to have been able to finance this ac-

mier owner/operators in the industry. Because of the low LTV and Shamin's sponsor- ship, we were able to convince the lender to offer 10 years of interest only at an amazing rate - 3.70% - and allow Sha- min to carve off a portion of the property for future hotel development. We're thrilled to have secured these terms for Neil and his partners."  quisition for The BurnBrae Companies,” states Matthew Hodson. “BurnBrae continues to grow their multifamily portfolio through development and investment opportuni- ties in strategic markets like Frederick, where there is a high demand for quality rental housing units.” 

and offered a 10-year term, 10-years of interest only and a fixed interest rate locked at 3.70%. The 225-key property was acquired by Shamin in 2015 and was recently renovated at a cost of $38,000 per key. It is the only Embassy Suites in Richmond and benefits from its convenience to some of Richmond's major demand FREDERICK, MD — M&T Realty Capital Corporation has closed a $11.625 million Fannie Mae DUS loan for the acquisition of Vista View Apartments, a 70-unit class A multifamily property located in Frederick, MD, on behalf of The BurnBrae Companies . The 10-year loan is struc-

M&T Realty Capital Corporation provides $11.6 million in acquisition financing for multifamily property in Maryland

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