(PRWEB) October 13, 2012
Hyde Park Commercial Group, a Cincinnati based commercial real estate advisory firm, is pleased to announce the closing of a $2.43MM loan for the acquisition and renovation of a 193 room full service hotel in Greensboro, North Carolina. The loan was arranged through a private equity fund that focuses on hospitality transactions. The loan featured an interest only term through renovation, with a fully amortizing loan structure upon completion of the property improvement plan. The proceeds exceeded 74% Loan to Cost inclusive of the property improvements.
The borrowers approached Hyde Park CG when the lost their investor and were challenged with a very short fuse to close on the acquisition by months’ end. HPCG evaluated the opportunity and underwrote the loan and was able to facilitate the closing in two weeks.
Hyde Park CG 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.