Premier Capital Arranges Financing for Comfort Inn
JUNE 25, 2009 - Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that they had arranged and closed a $3.4 million financing transaction for acquisition of a 69-unit Comfort Inn, located in Coeur d'Alene, Idaho.
"The buyer called on Premier Capital to step in late in the acquisition process and deliver a competitive commitment," said Jeff McKee, managing director of Premier Capital Associates, LLC. "We were able to work with the buyer, seller and lender to find solutions that benefited all parties."
"Experience and relationships are key components of getting transactions completed in today's market," said Greg Morris, managing director of Premier Capital Associates, LLC. "With values, income and market constantly in question, we leaned on our 20-plus years of hotel finance experience to develop a creative solution. In this loan, we worked with a little-used government-backed program. This program is not widely known, but we were able to harness the capital and get the transaction completed in about half the time of a more traditional loan.
"Loans under $10 million for acquisitions and refinancing are being completed, but locating sources and acceptable terms require special expertise and relationships. Development loans are more difficult but can be accomplished. We see the credit markets beginning to show the first signs of thawing, but believe it will be another six months to a year before financing for larger loans is more readily available."
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