Permanent Loan – Refinance$18,800,000
146 Room Full Service Hotel
Saratoga Springs, NY
Axiom Capital Corp. announces the closing of an $18,800,000 permanent loan for the refinance of a hotel in Saratoga Springs, NY. The 10 year, non-recourse loan was closed at a fixed rate and demonstrated a 55% Loan to Value and a 1.94x Debt Service Coverage Ratio amortized over 25 years.
The 146 room full service hotel was opened in 2004 and provides 137 standard guest room and 9 luxury suites. All rooms feature a microwave, refrigerator, personal coffee markers, flat screen televisions, and work stations. Suites offer guests a more spacious stay with full kitchen areas and larger patios, living spaces, and bedrooms. The hotel has an abundance of amenities that include: a 24-hour full service business center, meeting rooms, complimentary WiFi access through the entire hotel, modern fitness center, breakfast/lunch restaurant, outdoor patio lounge, and an indoor heated pool with sauna.
The property is located within a few minutes’ walk of downtown Saratoga within Saratoga County, in the Albany MSA, which is becoming a world leader in Nano & semiconductor research & manufacturing. Many national publications like Time, Forbes, Real Estate Forum, and the Wall Street Journal have named the region “The Silicon Valley of the East”. Most recently, Forbes listed the region as number four on its list of top 100 MSA’s for job growth. Saratoga Springs is a major cultural center and a popular tourist destination with the Saratoga Race Course, golf courses, & historical homes. The hotel is just a mile off of Exit 15 of Interstate-87 (“The Northway”) which allows for easy access for travelers.