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CRONHEIM
MORTGAGE ARRANGES $15,850,000 FOR
A HOTEL
IN LINTHICUM HEIGHTS
Linthicum Heights, MD – David Turley and Frank Sullivan have arranged acquisition financing of $15,850,000 for the Comfort Suites-BWI located in Linthicum, Maryland. The financing is comprised of senior financing of $14,850,000 (80% of the total project cost) and a $1,000,000 mezzanine loan. The senior loan carries a 10-year term and 30-year amortization, with the first five years interest only. The mezzanine loan is interest only for its entire 10-year term. The subject property consists of a 137-room, five-story, double-loaded, interior corridor limited-service hotel. Built in 1997, the property is situated on 2.77 acres and contains 120,660 square feet. Hotel amenities include an executive meeting room, complimentary airport shuttle, fitness center and business center. The property is the closest limited service hotel to the Baltimore Washington International Airport. It is located off Exit 1B of Interstate 195 and is less than a half mile north of Aviation Boulevard, which broadly encircles the BWI Airport. The hotel is located half a mile from the Light-Rail BWI, which offers an easy commuting option to downtown Baltimore. BWI Airport is located in the dense Baltimore-Washington Corridor 10 miles south of Baltimore and 30 miles north of Washington DC. The airport’s passenger traffic has been growing in recent years, fueled by its hub status for the discount airlines AirTran and Southwest. The airport hit a record in 2006 with 20.7 million passengers. The recent expansion of Southwest Airlines’ operations (the carrier represented 51% of the airport’s 2007 passenger traffic) was the catalyst for an extensive renovation of Concourses A and B in 2005 and 2006. The project added 26 gates, relocated and renovated the ticket lobby, and expanded the concourse facilities with a food court, retail space, new security check-points, and inter-terminal connections. |
