KeyBank Real Estate Capital has secured $10.23 million in non-recourse, CMBS first mortgage loans for two hotel properties in Kansas City, Mo.
The first loan was used to refinance a 73-room, limited service Holiday Inn Express & Suite. The property was acquired in 2006 as a Quality Inn and subsequently redeveloped into the current Holiday Inn Express & Suites.
The second loan was used to refinance an 89-room extended stay Candlewood Suites, which was developed in 2009-10.
Randy Martin of KeyBank Real Estate Capital Markets arranged financing for both properties.