Permanent Loan - Refinance$17,500,000
127 Key Full-Service Hotel
Axiom Capital Corporation has arranged $17,500,000 in permanent financing for a 127 key hotel in Troy, NY. The 10 year non-recourse loan was closed at a fixed rate and demonstrated a 1.57x Debt Service Coverage, at a 64.8% LTV amortized over 25 years.
The subject property is a 132,751 SF, eight-story, full-service hotel, located on 3.7 acres, featuring two restaurants and 40,000 SF of banquet/conference space. The subject property is owned and managed under the Hilton Garden Inn (Hilton Worldwide) flagship. Hilton Worldwide is one of the most recognized names in the hotel industry with ten brands and more than 3,900 hotels and resorts in 90 countries.
The subject property is located within the City of Troy in Rensselaer County. It is located at a highly visible and heavily traveled location. The subject property is in a very desirable location in close proximity to area amenities, the interstate, neighboring commercial and residential properties, municipal buildings, the airport, colleges, various office, retail, and service buildings, as wells as neighboring towns.