(PRWEB) September 01, 2012
Hyde Park CG, a Cincinnati based commercial real estate advisory firm, is pleased to announce the closing of a $2,825,000 bridge loan for the acquisition of a 252 room full service hotel in High Point, North Carolina. The loan was arranged through a private equity fund that focuses on hospitality transactions. The loan featured an interest only term, and the loan proceeds arranged exceeded 80% Loan to Cost.
The borrowers and sponsorship acquire under-performing full service hotels primarily in secondary and tertiary urban markets at relatively deep discounts in order to create opportunistic value. The funding of this transaction allows the new owner and turnaround team to begin stabilizing the property and creating value with anticipation of exiting the loan facility within the next 24 months.
Hyde Park Commercial Group represents a broad range of capital sources from private investors to regional and national banks. Hyde Park focuses on debt placement for improved commercial real estate properties and corporate transactions nationwide.
For more information visit: http://www.hydeparkcg.com. Hyde Park CG has offices in Cincinnati and Chicago, and can be reached at 513.792.2940.