Paramount Capital Advisors (PCA) sourced a $2-million loan for the 57-room La Quinta Inn & Suites located in Angleton, TX.
The conventional loan was successfully funded at 60% loan to cost and will allow the borrower to purchase and renovate the property. The loan was funded at an interest rate of 6.5% with a 5-year term and a 25-year amortization schedule. The borrower was in need of a 40-day close in order to deploy 1031 exchange funds and their deadline was met with time to spare.
“This transaction reflects Paramount’s ability and knowledge of the capital markets to provide the most cost-efficient capital solutions for commercial real estate investors of all sizes and asset classes,” said Tyler Cornelius, senior associate, Paramount Capital Advisors.
