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