CHC secures $6.23M refinance for Quakertown Holiday Inn Express

December 18, 2018

QUAKERTOWN, PA — Cronheim Hotel Capital (CHC) has arranged financing totaling $6,230,000 for the Holiday Inn Express located in Quakertown, PA. The loan was placed with a national lender for a securitized execution and offered a 10-year term and 30-year amortization.
 The 78-key property was acquired in early 2014 and had just completed a $1.2 million PIP. The renovations updated the common areas and all guest rooms to current Formula Blue standards with the exception of the corridors, which will be completed at a later date.
The Sponsor was seeking to refinance their maturing debt and provide a return of some equity given the low leverage debt they assumed at purchase and the additional equity required to complete the PIP.
Quakertown is a suburb of the Allentown-Bethlehem MSA, which is located in the center of the Lehigh Valley region of Eastern Pennsylvania and is home to more than 800,000 people. The Allentown-Bethlehem metropolitan area is Pennsylvania's third largest metropolitan area.

 

READ MORE. 
 

Please reload

Featured Posts

Kinsley to deliver new senior living facility in Bala Cynwyd

December 23, 2019

1/10
Please reload

Recent Posts
Please reload

Phone: 781.740.2900| Fax: 781.740.2929 

© Copyright 2014 Mid Atlantic Real Estate Journal. All Rights Reserved.