Aries Capital announced that Rushi Shah, senior vice president from the firm’s Chicago office, has closed an $11.55 million, non-recourse, CMBS loan for a portfolio of three limited-service hotels in the Columbus, Ohio area. Borrower, Andy Vasani, CEO of Ohio-based Innvite Hospitality Group, used the proceeds to refinance two hotels with a total of 188 keys, and acquire a 79-key Hampton Inn.
After another intermediary had failed to deliver, and with tens of thousands of dollars already invested into the transaction, Vasani contacted Aries to step in to secure alternative financing.
“We see this time and time again,” said Shah, “inexperienced brokers who don’t have control of the deal, can’t deliver what they promised and end up wasting the borrower’s time and money. Fortunately Aries was able to move in quickly with a solution to close this complex deal.”
The loan features a 10-year fixed rate, 25-year amortization and 70% LTV.
“Aries Capital’s focus and relentless pursuit for closing my deal went above and beyond their deep relationships with Wall Street lenders; they were instrumental in bringing the right resources to get the deal done including an option for mezzanine financing and an alternative title company if it became necessary,” said Vasani.
