Aries Capital Closes $13.8 Million CMBS Loan for Las Vegas Hampton InnNovember 14, 2019
Aries Capital is pleased to announce that Brandon Perdeck, Vice President in the Miami office of the Chicago-based firm, originated a $13,800,000 acquisition loan for a Hampton Inn located near Summerlin at 7100 Cascade Valley Court in Las Vegas, Nevada within the Las Vegas Medical District. Heather Madsen provided the closing services.
Aries Capital secured a non-recourse, 10-year, fixed-rate CMBS loan for the borrower with a 25-year amortization that was closed at an interest rate below four percent. The borrower came to Aries Capital through a local investment sales broker who had done business with Aries and Perdeck in the past.
“It was a pleasure assisting the borrower with his first loan in the Las Vegas market,” said Perdeck. “It’s a good time to finance an acquisition or refinance nationwide, but particularly in this area, as this market has a lot of positive momentum. In the past several months we’ve closed three transactions in Las Vegas and expect that trend to continue while rates remain at historic lows.”
Located in the Las Vegas Medical District, 10 minutes from the airport and close to numerous major highways, the 127-room Hampton Inn is a high-performing limited service hotel. The borrower, a private hotel portfolio owner, acquired the property and has plans for a complete exterior and interior renovation including the latest technological and design updates, as well as modernization of the lobby, landscaping and lighting, making the total capital stack approximately $21.7 million.
“Brandon and Heather were very prompt, helpful and attentive to our securing the loan,” said the borrower.
The Las Vegas Medical District (LVMD) is a 674-acre master plan development anchored by the University of Nevada Las Vegas (UNLV) Medical School. Established in 1997, LVMD is home to Cleveland Clinic Lou Ruvo Center for Brain Health, Clinical Simulation Center of Las Vegas, Desert Radiologists, Nevada System of Higher Education, Steinberg Diagnostic Medical Imaging, UMC, UNLV’s School of Dental Medicine and Valley Hospital Medical Center.