G.S. Wilcox & Co. announced that Gretchen S. Wilcox, president, and Al Raymond, principal, have arranged a $24,000,000 first mortgage for three hotels located in Alabama and North Carolina.
The loan was placed with the Minnesota Life Insurance Company which is one of G. S. Wilcox & Co.’s correspondent lenders.
The three hotels in the portfolio are: an 88-room Hampton Inn & Suites and a 102-room Hilton Garden Inn located in Alabama; as well as a 112-room Hilton Garden Inn located in North Carolina.
The non-recourse loan has a seven-year fixed rate term, with a 25year amortization period.
G.S. Wilcox & Co., located in Morristown, NJ, is a full service mortgage banking firm which originates, underwrites, and services commercial real estate mortgage loans.