Pacific Security Capital Secures a $7,500,000 Commercial Real Estate Loan for a Limited Service Hotel in Florida
By combining solid underwriting and product category expertise, Pacific Security Capital has secured $7,500,000.00 in permanent financing for a 130 room limited service hotel with Lake Frontage located in Orlando, Florida.
(PRWEB) March 19, 2004 --http://www.PacificSecurityCapital.com - Pacific Security Capital secured a high leverage first mortgage with a very competitive spread over the 10-year treasury from a private Real Estate Investment Trust (REIT), which Pacific Security Capital exclusively represents. The commercial real estate loan allowed Pacific Security Capitals client to refinance away from a higher cost loan. "Given that hospitality financing is difficult to come by in todays market, and that this transaction was further complicated by a foreign borrower, non-flagged status, and a few other underwriting issues (including a short closing time frame) we were particularly proud of this transaction," said Mike Myatt, President of Pacific Security Capital.
This loan is indicative of our ability to combine solid underwriting and product category expertise with our access to a broad array of capital to meet the most demanding needs in the market," Myatt said.
"Being both a direct lender and intermediary we have a distinct advantage over most lenders when it comes to closing transactions that dont meet typical conduit underwriting standards. We believe the ability to move quickly combined with our ability to understand the most difficult underwriting issues continues to separate Pacific Security Capital from the old line mortgage banking firms and intermediaries," says Mr. Myatt.
As exemplified in the Florida Hotel transaction, Pacific Security Capital is focused on providing superior commercial real estate finance service and performance by presenting borrowers with the broadest possible array of commercial real estate financing solutions available.
About Pacific Security Capital:
Pacific Security Capital provides debt, equity and hybrid capital for the acquisition, development, construction, renovation, bridge, mezzanine, and permanent financing of commercial real estate projects requiring more than $1MM in financing. Pacific Security Capital is headquartered in Portland, Oregon with other offices in Seattle, LA, Chicago, Houston and New York.
For information about Pacific Security Capital visit: http://www.PacificSecurityCapital.com or contact Mike Myatt at mikem@PacificSecurityCapital.com
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