First American Realty Refinances Stafford, VA Country Inn In Skittish Lending Environment
DALLAS, TX | First American Realty Associates announced that it secured conduit refinancing on the 58-room Country Inn located in Stafford, VA. The 75% leverage, fixed-rate loan carried 30-year amortization. The loan additionally allowed for significant recapture of borrower equity. A well-timed, early rate-lock in the low 6%-area shielded the borrowers from the recent commercial capital market turmoil that arose during underwriting of the loan.
This was the 515th hotel financed by First American Realty and the 40th in the state of VA.
Cameron J. Larkin, SVP of Hotel Financing & Business Development, arranged the financing on behalf of Akshar Partners, LLC.
“Mr. Larkin of First American Realty Associates approached me with a refinancing package which I could not turn down.” said borrower Madhu Patel, Managing Member of Akshar Partners. “They have in depth knowledge of the financing world, and above all they are fair and honest. Their coordination and persuasion is outstanding to accomplish the loan closing. We are already working with Mr. Larkin for our next project. Their services are impeccable and I highly recommend them.”
The Stafford Country Inn is superbly maintained and conveniently located between Washington, DC and Fredericksburg, VA. Built in 1995 it was the first Carlson-branded Country Inn in Virginia. Nearby demand generators for the hotel include the FBI/DEA Academy, Quantico Marine Base and Museum, Civil War Battlefield Parks, and significant Washington, DC beltway commercial business.