Axilla Capital Closes $7.75 Million Non-recourse Bridge Loan For Fairfield Inn & Suites Atlanta Hotel
Axilla Capital, LLC announced today that it closed a $7.75 million non-recourse bridge loan for the recently opened Fairfield Inn & Suites in Peachtree City, Georgia. The loan proceeds were used to refinance a maturing construction loan, as well as fund interest and operating reserves. Managing Principal Joel Mazur and Associate Tom Fleming represented the borrower on the transaction.
TROY, MI -- Axilla Capital, LLC announced today that it closed a $7.75 million non-recourse bridge loan for the recently opened Fairfield Inn & Suites in Peachtree City, Georgia. The loan proceeds were used to refinance a maturing construction loan, as well as fund interest and operating reserves. Managing Principal Joel Mazur and Associate Tom Fleming represented the borrower on the transaction.
"The hotel was brand new and so there was no operating history," says Fleming. "This eliminated conventional financing as an option. However, given the hotel's age and flag, it was an attractive deal for bridge lenders." The three-year, floating-rate, loan enabled the borrower to pay off a maturing note, eliminate personal guarantees, reduce the interest rate, fund reserves, and stabilize operations.
The 81-room property opened on December 21, 2017 and features a fitness center and outdoor pool, 24-hour business center, conference room, complimentary breakfast and free Wi-Fi. Additionally, the property is within walking distance of a half-dozen restaurants and bars.
Located approximately 33 miles southwest of downtown Atlanta, Peachtree City is the largest city in Fayette County. It offers over 90 miles of trails that provide secondary access to almost any destination within city limits and was ranked the safest city in Georgia in 2017 based on FBI crime data. The city benefits from the presence of several global companies, including TDK Corporation and Panasonic. Hartsfield-Jackson Atlanta International Airport is located 24 miles northeast of Peachtree City and major airlines including Delta, United, and Southwest provide additional support to the region.
Media Contact
Joel Mazur
[email protected] (248) 864-5000