CHC Capital has arranged $22,000,000 for the refinance of the Embassy Suites in Richmond, VA for Shamin Hotels.
The loan was placed with a national lender and offered a 10-year term, 10-years of interest only and a fixed interest rate locked at 3.70 percent.
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 generators.
In connection with the refinance transaction, the lender allowed Shamin to subdivide the parcel to create a separate lot for a future hotel development adjacent to the Embassy.
David Turley, president of CHC commented: “We’re pleased to have completed another transaction for Shamin Hotels, one of the premier owner/operators in the industry.
“Because of the low LTV and Shamin’s sponsorship, we were able to convince the lender to offer 10 years of interest only at an amazing rate – 3.70 percent – and allow Shamin 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.”
CHC Capital and its affiliate, Cronheim Mortgage Corp, provide debt and equity for an array of commercial real estate assets.