Marcus & Millichap Capital Corporation (MMCC) arranged a $9.1 million loan to refinance The Hilton Garden Inn McAllen Airport in McAllen, TX.
The financing was arranged by Robert Bhat, Senior Managing Director, Capital Markets, based out of the MMCC Miami office.
"The property is a high-performing Hilton Garden Inn hotel strategically located in the growing market of McAllen, TX," said Mr. Bhat. "We were able to assist the borrower in refinancing their existing acquisition bridge debt with $9.1 million in permanent CMBS financing."
Located next to I-2/Highway 83, the 104 key Hilton Garden Inn McAllen Airport features an outdoor pool and fitness center. Built in 2000, the property is less than ten minutes from McAllen International Airport and within three miles of other local attractions, including La Plaza Mall and the McAllen Convention Center.
The MMCC team secured a five-year term with a 65% LTV and a 30-year amortization. Additional funding was also provided for the Property Improvement Plan.