News - 2007
2009 | 2008 | 2007 | 2006 | 2005
2007-008
Hilton Garden Inn Receives $13 Million Financing
Red Mortgage Capital, Inc. Originates Hotel Loan in Ohio
Hilton Garden Inn
Columbus, Ohio
Columbus, OH, May 14, 2007 – Red Mortgage Capital, Inc. originated a $13,000,000 loan on a recently constructed Hilton Garden Inn in Columbus, Ohio.
The Hilton Garden Inn, located in the University District in the heart of Columbus, recently opened in March 2007. The five-story hotel has 158 guest rooms with generous room accommodations such as 32" high-definition flat panel televisions, mini-refrigerators, microwaves, coffee makers, free high speed internet access and more, while general property amenities include an indoor swimming pool and spa, business center, fitness center, breakfast/dinner area and conference rooms. The property has easy access to major freeway arteries and is located in close proximity to The Ohio State University, Riverside Methodist Hospital, The Ohio State University Medical Center and the recently constructed South Campus Gateway, which is adjacent to the University and includes a mix of retail, dining, entertainment, office space, and apartments.
Red Mortgage Capital, Inc.’s loan was structured and funded through Red’s CMBS/Capital Markets group, which provided immediate loan funding despite a limited operating history on the newly opened property. The aggressively priced transaction also included a 10-year fixed rate term with a 12-month interest only period, followed by a 30-year amortization. The property is owned by Indus Core Hotel LLC and is managed by Indus Companies, Inc., a hotel management and development company that currently owns and operates five hotels, including the subject.
Robert C. Mason, Vice President of Red Mortgage Capital, Inc. said "We are pleased to be able to provide financing for this fantastic property and to grow our relationship with the experienced sponsor team at Indus Core Hotel LLC."
Jeffrey A. Coopersmith, Managing Member of Indus Core Hotel LLC said, "The team at Red did a great job and we were very pleased with the level of support and professionalism at their organization."
