Marcus & Millichap Capital Corporation (MMCC), a division of Marcus & Millichap (NYSE: MMI), has arranged the refinance of a 118-keyhotel in North Olmsted, Ohio (Cleveland MSA). The MMCC Capital Markets team was led by Dallas-based managing director Pete Fehlman and associate director Jake Marshall.
Fehlman and Marshall worked on behalf of Riley Hotel Group to secure and structure the 70% loan-to-cost CMBS financing. The five-year financing included full-term interest only and a fixed rate of 6.91%. Built in 2016, the Hampton Inn by Hilton North Olmstead Cleveland Airport offers a host of upper midscale amenities for guests, including complimentary Wi-Fi, parking, breakfast buffet/dining area, on-site business center, meetings pace, fitness center, and an indoor pool.
“CMBS lenders continue to be the most active in the hospitality space. The ability to offer higher leverage, five-year loans with fixed rates, full-term interest only, and no recourse is appealing to borrowers,” added Fehlman.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.7 billion. To learn more, please visit: marcusmillichap.com/financing.
