Transaction Overview
George Smith Partners successfully structured a $7,400,000 non-recourse bridge loan secured by a 102-room, limited service Hilton-flagged hotel located in a tertiary Alabama market. GSP targeted a capital provider who was not only knowledgeable about the location and marketplace, but also comfortable with the Sponsor’s management expertise, their ability to execute the property improvement plan, and improve RevPAR penetration. GSP vetted the business risk exposure upfront with the capital provider and structured objective criteria that satisfied both the Sponsor and Lender. Floating at 30 day LIBOR plus 5.50%, the non-recourse loan will be interest only for the 36-month loan term.
