First American Realty Arranges $2.1 mil Ramada Acquisition Loan
DALLAS, TX, September 25, 2006. First American Realty Associates, LLC recently arranged a $2,100,000 acquisition loan on a Ramada Inn in Kilgore, Texas. The 85% LTV loan included $300,000 for an extensive renovation of the 80-room property. The Wyndham Worldwide-franchised Kilgore Ramada is the 510th hotel financed by First American Realty.
Cameron J. Larkin, Senior Vice President of Business Development for First American Realty, arranged the financing on behalf of sponsor Mahesh (Mike) Patel, managing partner of MMD Hotel, LP.
Patel has over 18 years experience as both owner and manager of several hotel properties.
"My experience with First American Realty and Cameron Larkin has given me a new understanding of professionalism and punctuality. If it were not for Cameron's undeniable persistence and experience, my hotel acquisition deal would not have been closed in the timely manner as I expected it to," said borrower Mike Patel.
"As is often the case in change-of-ownership transactions, we were under pressure to accommodate a short closing timeline," said Larkin. "Procuring a terrific financing program for our clients is imperative. We further differentiate ourselves by providing the highest level of project management to ensure on-time execution."
Brock Hotel Group of Grapevine, TX represented the sellers in the transaction.