'Strategic Capital continues to deliver outstanding service and financing for complex deals,' said Charles Morais, Principal of Park Avenue Hotel Group.
Athens, TN (PRWEB) March 13, 2015
SCS Strategic Capital (http://www.scsnewyork.com) is pleased to announce the closing of a bridge loan to 115 Liberty, LLC to finance the acquisition and renovation of Athens Lodge. The Property, a two story 91 key exterior corridor hotel situated on two tracts of land totaling 7.7 acres, is located in an emergent area of Athens, Tennessee.
The operating hotel, formerly a Travelodge, was purchased out of foreclosure at a substantial discount to replacement cost. The Sponsor is finalizing franchise approval for branding under a Red Roof Inn and will immediately initiate construction of the Property Improvement Plan. An affiliate of Park Avenue Hotel Group was selected as the management group to oversee the renovation and operation of the hotel on behalf of the Sponsor. The entire property will be renovated within 90 days including rooms, lobby, kitchen, banquet area, business center, bar and restaurant.
"Strategic Capital continues to deliver outstanding service and financing for complex deals", said Charles Morais, Principal of Park Avenue Hotel Group. "We brought this deal to SCS because, as in the past, we were confident in their ability to execute complicated deals that require flexible financing", Mr. Morais added.
"The Loan provided an attractive risk-adjusted rate of return", replied Jonathan Dieguez, Senior Originator of SCS Strategic Capital. "We are happy to have participated in the direct financing of this turnaround project and look forward to its success."
About SCS Strategic Capital, LLC
SCS Strategic Capital, LLC is a unique real estate investment firm that originates, underwrites, and provides nationwide direct debt and equity financing to assist real estate investors and developers capitalize on time sensitive and other non-bankable transactions that require flexible financing. As active owners of real estate in multiple asset classes themselves, SCS has the unique background and experience to review projects and properties from the perspective of an owner as well as a lender. Quick turnaround capabilities and amendable structures provide their clients with the speed, efficiency, and flexibility they need to acquire, position, reposition or recapitalize various types of commercial properties.
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