30 Jun Super 8 hotel franchise in Indiana obtains $1.6M acquisition loan through Cornovus Capital
Gerard Dehner, Managing Partner of Cornovus Capital, a Cincinnati-based commercial real estate and business finance advisory firm, arranged $1.6 million in acquisition funds for a 115-room, three-story Super 8 Hotel.
The hotel, which had experienced decreasing revenues, was acquired as a value-add and underwritten based on projected revenues and ownership turnaround experience. Cornovus Capital advised and arranged a SBA 7(a) loan facility which featured a fully amortizing 25-year term. The loan pricing was WSJ +2%. Cornovus Capital worked with an East Coast Bank to arrange the request.
Cornovus Capital arranges transaction financing for commercial real estate and business owners across the country. We maintain established, long-term relationships with partners in sectors that include SBA, CMBS, life insurance, hedge funds, private capital, and regional and national banks.
For more information, contact Jerry Dehner at (513) 792-2727 or visit www.CornovusCapital.com.