We started last week by closing a terrific hotel loan in Illinois on Monday morning, one of several hospitality deals we have in our pipeline currently. The hospitality industry is thriving and Fountainhead is taking advantage of the many opportunities presenting themselves in multiple states across the nation. Let us know how we can help you and/or someone you know by contacting us at: info@FountainheadCC.com today. But, for now, let’s focus on the specifics of the deal we just closed…
Fountainhead is proud to announce the closing of a $6,818,124 hotel loan. Our Fountainhead 504 loan was used to acquire an 86-unit Comfort Suites located in Urbana, IL with close proximity to the University of Illinois Champaign-Urbana campus. We provided the $4,261,328 1st mortgage and the $2,556,796 interim 2nd mortgage as part of this SBA 504 project, allowing the borrowers to acquire this hotel with very attractive, long-term fixed interest rates at 80% loan-to-cost financing.
This Comfort Suites is located just off of I-74 (Chris grew up a couple miles away from I-74) and is within walking distance to the University of Illinois campus as well as numerous restaurants and shopping options. With a strong management team in place, this hotel has achieved a Trip Advisor ranking of #1 for four straight years in this submarket! The new owners bring a strong hospitality background and will immediately complete extensive renovations in order to continue its market-leading position.
The Fountainhead Team enjoyed working with the new owners and wish them much success in the operations of this wealth-creating hospitality project. When Chris cheers on his Fighting Illini later this year, we have a feeling we know where he’ll be staying!