Permanent Loan - Refinance$13,800,000
113 Key Limited Service Hotel
Axiom Capital Corporation arranged a $13,800,000 permanent loan for the refinance of a 113 room hotel. The ten year, non-recourse loan was closed at a fixed rate and the loan metrics demonstrated a 69% Loan to Value and a 1.61x Debt Service Coverage amortized over 25 years.
The property offers 113 guest suites equipped with a microwave, refrigerator, coffee maker, flat screen televisions, and designer work stations. Hotel amenities include a 24-hour full-service business center, complimentary WiFi access, fitness center, indoor heated pool, in-hotel restaurant, and an outdoor patio lounge. Occupancy at the property has been extremely strong since the property opened in 2010 under the Hilton Garden Inn flag, a brand operated by Hilton Worldwide. Hilton Worldwide is a leading global hospitality company operating 10 brands with over 4,100 properties and 314,000 associates in 91 countries and territories. Hilton, founded close to 90 years ago, reported revenues of nearly $8 billion in fiscal year 2013.
The property is strategically located directly across from the NJ Turnpike’s Exit 5 and Interstate 295/95 Exit 47, and is only 25 minutes from downtown Philadelphia and Philadelphia International Airport. The location is adjacent to three major economic centers in the immediate area: Cherry Hill, Burlington and Mount Laurel. The area is home to many corporate offices including: Colgate Palmolive (two miles away), Panasonic AVC Corp. (two miles away), and Ocean Spray Cranberry (10 miles away).