Dougherty Funding LLC has closed a $30 million acquisition loan for two hotel properties: a 310-room full-service Holiday Inn and a 75-room limited service Holiday Inn Express, both located in Fargo, North Dakota.
Loan proceeds were used by the Borrower, 3803 Hospitality LLP, for the acquisition of the two hotel properties. The Borrower will complete approximately $6.0 million in improvements to the Holiday Inn over the next several months.
Dougherty Funding LLC serves as lead lender and servicer for the loan.
