CRONHEIM MORTGAGE ARRANGES $32,640,000
FOR THREE HOTELS IN VIRGINIA
Woodbridge/Chantilly, VA – David Turley and Frank Sullivan have arranged $32,640,000 in acquisition financing for a portfolio of two Fairfield Inns and a Hampton Inn. The financing is comprised of $30,720,000 in senior debt and $1,920,000 in mezzanine debt. Both the senior and mezzanine loans carry a 10-year term. Following five years of interest only, the loans amortize on a 30-year schedule.
Turley and Sullivan arranged $11,120,000 in
senior financing and $695,000 in mezzanine financing for the Chantilly
Virginia Fairfield Inn. The property consists of a three-story
85-room limited service hotel located at the intersection of US Rte 50 and
VA 28. The property enjoys close proximity to the Washington Dulles
International Airport, located 4.3 miles to the north, and many of Fairfax
County’s top corporate residents. Opened in 2001, the property is one of the
only three management training hotels in the entire Fairfield Inn system.
The borrower will invest over $1 million post-closing to convert the
property to a Fairfield Inn & Suites.
Turley and Sullivan arranged $9,440,000 in senior financing and $590,000 in mezzanine financing for the Woodbridge Virginia Fairfield Inn. The property consists of a three-story 85-room limited service hotel located on Prince William Parkway. The hotel is situated across the street from Potomac Mills Mall, the 10th most popular tourist destination in the state. Opened in 1997, the hotel was awarded the Fairfield Inn of the Year Award in 1998. The borrower will invest over $1 million post-closing to convert the property to a Fairfield Inn & Suites.
Turley and Sullivan arranged $10,160,000 in senior financing and $635,000 in mezzanine financing for the Woodbridge Virginia Hampton Inn. The property consists of a four-story 87-room limited service hotel located just off Exit 160 on I-95. The seven-year-old hotel is located one exit north of Potomac Mills Mall and is the only Hilton brand in an eight-mile radius.
