Spirides Hotel Finance Company has provided and the borrower has officially closed a $6.3-million mortgage loan from a southeast U.S. headquartered bank to refinance the existing mortgage debt plus take $1.5 million cash out of the Holiday Inn Express & Suites Latta in Latta, SC. The $1.5 million cash taken out of the loan proceeds will be used by the borrower as an owner’s cash equity down payment to build another hotel in North Carolina where it already owns the land.
The property features 68 guestrooms and suites in one four-story building located on four acres of land near the City of Latta in Dillon County, SC, which is part of the Florence metropolitan area.
The hotel is near the recently opened South Carolina Ports Authority’s Inland Port Dillon, a $50.5-million intermodal cargo transfer hub located 130 miles from the Port of Charleston, SC. Also located nearby are Darlington Raceway & Museum, McLeod Regional Hospital, Florence Civic Center and the regional offices of Mohawk Industries, Johnson Controls, O’Rileys, Harbor Frieght, Wyman Gordon, Perdue, R.J.Corman Railroad and South Carolina National Guard.
“We at Spirides Hotel Finance Company provided the original construction financing for this Holiday Inn Express back in 2018, and today we are very happy to announce that the owners have now allowed us to provide the permanent financing to retire the original construction loan,” said Harry G. Spirides, president, Spirides Hotel Finance Company, who led the debt placement team representing the borrower in this transaction.
The terms of the financing arranged by Spirides for the property’s debt refinancing plus cash out project include a 70% loan to value ratio, a low interest rate fixed for five years and a 25-year amortization.