Parkside Real Estate Capital Secures Financing for Inn & Spa at Loretto in Santa Fe, New Mexico
NEW YORK, NY, JULY 21, 2005. ParkSide Real Estate Capital is pleased to announce the successful closing of a $20,150,000 refinancing for Inn and Spa at Loretto, a 134-room boutique hotel located in Santa Fe, NM.
The 6.60% Fixed Rate 7-Year Permanent Financing with Interest only Payments for First Two Years and a 25 Year Amortization Schedule was secured by a First Mortgage Lien on the Hotel Property.
"The $20,150,000 financing allowed the Borrower to pay off existing higher rate debt and purchase the underlying ground lease of the Hotel Property" said Sukhbir Singh Benipal, President of ParkSide Real Estate Capital "The Loan allows for an additional $2,000,000 drawdown to fund expansion and additions to the Property"
The 134-room Inn and Spa at Loretto reflects the art and soul of Santa Fe. The hotel shares grounds with the celebrated Loretto Chapel, is one block from the Santa Fe Plaza and within walking distance from the Palace of the Governors, Canyon Road Galleries and sits at the end of the Santa Fe Trail. A full-service hotel, the distinctive Inn and Spa at Loretto features SpaTerre with cross-cultural experiences that blend east and Southwest traditions incorporating Indonesian and Thai rituals with signature indigenous treatments; dining at the new BALEENsantafe restaurant, featuring ocean-inspired, wood-roasted cuisine with local and regional flavors; a year-round heated outdoor swimming pool; outdoor sculpture garden; fitness center; concierge; the Columbine Gallery; Three Ravens Fine Art and a collection of boutiques.
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