CRE Bridge Loan, Atlanta, Georgia - Hotel Acquisition
Client: An experienced sponsor and operator in the hospitality industry.
Transaction: Acquisition loan for hotel with 120 rooms located in suburbs of Atlanta, Georgia.
Challenge: Client needed to close quickly as property was under contract for several months and seller wanted a quick sale. Client was also simultaneously terminating the existing hotel flag at closing.
Opportunity: Conventional financing could not close within the timeframe and Sherpa Capital Group LLC was able to complete diligence, site visit and provide financing within 3 weeks.
Action: Sherpa Capital Group LLC provided a first mortgage and borrowers exit strategy is to convert to work-force apartments and refinance with local lender within 12 months.
Transaction: Acquisition loan for hotel with 120 rooms located in suburbs of Atlanta, Georgia.
Challenge: Client needed to close quickly as property was under contract for several months and seller wanted a quick sale. Client was also simultaneously terminating the existing hotel flag at closing.
Opportunity: Conventional financing could not close within the timeframe and Sherpa Capital Group LLC was able to complete diligence, site visit and provide financing within 3 weeks.
Action: Sherpa Capital Group LLC provided a first mortgage and borrowers exit strategy is to convert to work-force apartments and refinance with local lender within 12 months.
