Best Western Landmark Inn

Property Name: Best Western Landmark Inn
Location: Park City, Utah
Property Type: Hotel/Hospitality
Transaction Type: Refinance
Loan Amount: $3,500,000
Details: Our client was seeking long-term, non-recourse financing to refinance their existing bank debt and payoff previous partner debt accumulated from prior improvements made to the subject property.  Additionally, our client recently commenced their scheduled PIPs and was seeking additional funds for these completions.

We were able to secure a long-term fully amortizing loan at an attractive interest rate through one of our correspondent life insurance companies.  We were also able to provide financing sufficient to cover all existing debt, the remaining PIP completions and an amount sufficient to fund a future capital reserve account or partner distribution.  Upon completion of the PIPs, the loan also becomes non-recourse.  The process from application to closing went smoothly and the loan closed within 75 days of the application date.

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More Info: Mike Preston at 801-323-1090 or contact me