A hotel investor borrowed $19.6 million to finance both the acquisition of a Comfort Inn in Orlando and its conversion to a Crown Plaza Hotel.
Noam Kaminetzky, a Boca Raton-based managing director of Meridian Capital Group, negotiated the loan on behalf of the unidentified borrower.
The loan has a 36-month term, a LIBOR-based interest rate and interest-only payments, plus two options to extend the loan term by 12 months.
The Comfort Inn is a seven-story, 200-room hotel in the Buena Vista area of Orlando. Amenities at the hotel include free Wi-Fi, an outdoor swimming pool with a waterslide, and complimentary shuttles to SeaWorld, Universal Studios and Walt Disney World.
Located at 8686 Palm Parkway, the hotel is also near Interstate 4 and the Orange County Convention Center.
New York City-based Meridian Capital is a commercial real estate finance and investment sales firm. Last year, Meridian closed $35 billion in loans and sold commercial properties for more than $2 billion. — Mike Seemuth