Aries Capital Arranges $6 Million Non-Recourse Bridge Loan for Vegas HotelAugust 19, 2019
Aries Capital is pleased to announce that Brandon Perdeck, Vice President in the Miami office of the Chicago-based firm, has closed a $6,000,000 bridge loan for a boutique hotel in Las Vegas, Nevada.
The one-year, interest-only, non-recourse loan was originated by Perdeck on behalf of an overseas development company. The borrowers were looking for short-term financing to improve the off-strip property to a mid-tier hotel and were referred to Aries Capital by a local real estate broker who had previously assisted with the property’s purchase.
The low-leverage loan delivers the flexibility the borrowers were seeking to fund significant capital improvements at the property to increase its profile, including renovating the guest rooms and common areas and adding an on-site restaurant.
“While this was a challenging deal given that the property is an independent hotel brand and is owned by a foreign investor with other overseas hospitality properties, we were able to secure a non-recourse loan through our relationship with a private, family office lender in the Miami area,” added Perdeck. “We worked with the lender and borrowers to negotiate favorable terms, and to deliver the flexibility the borrower needed to put their plans to advance the property into motion.”
“Brandon has always been responsive, providing professional advice whenever we needed any, throughout the course of the loan,” said a representative of the borrowers.