Permanent Loan - Refinance$11,200,000
119 Key All Suite Hotel
Axiom Capital Corporation has arranged $11,200,000 in permanent financing for an all-suite hotel in Colonie, NY. The non-recourse, CMBS, loan was for 10 years at a fixed rate. The loan demonstrated a 67.9% Loan to Value and a 1.76x Debt Service Coverage amortized over 30 years.
The subject property is a 119-room all-suite hotel, totaling 144,619 SF, situated on 3.32 acres. The subject property is a Springhill Suites franchise, a brand operated by Marriott International, Inc. Marriott International, Inc. is a leading global hospitality company operating 19 brands with over 3,800 properties and 325,000 associates in 72 countries. Marriott, founded 80+ years ago, reported revenues of nearly $12 billion in fiscal year 2012.
The subject property is located in the Town of Colonie in Albany County, NY - part of the Albany-Schenectady-Troy MSA. Colonie is the largest suburb of Albany, NY. The property is located near the intersection of I-87 and Central Avenue. I-87 serves as a major transportation corridor traveling north from New York City and south from the Canadian border. The property is located approximately 4.0 miles from the Albany International Airport (ALB) and is about 2.0 miles from the State University of New York at Albany campus and newly constructed SUNY College of Nanoscale Science and Engineering.