Spirides Arranges $8M Loan for Hilton Hotel
BySpirides Hospitality Finance Co. closed on an $8 million senior loan facility from a southeast U.S. headquartered bank to finance the development of a new Hilton Tru Hotel in Florence, S.C. President Harry Spirides led the debt placement team representing the borrower in this transaction.
The first 18 months during construction will have interest-only mortgage payments priced at the prime interest rate plus .50 percent (currently 4.50 percent) per annum, adjusted quarterly. Upon completion, loan payments will convert to a 25-year fully amortizing principal and interest monthly loan payment schedule. The interest rate of the permanent loan will be fixed for five years, then adjusted every five years. The interest rate will be priced using the 5 year SWAP rate plus 3.55 percent (currently 5.55 percent) per annum. The loan amount was sized using a 75 percent loan to cost ratio, and there is no prepayment penalty after the first five years of the loan…
Spirides Arranges $8M Loan for Hilton Hotel
