Homewood Suites by Hiltion
- Newtown, PA
- 104-key Premiere Extended Stay Hotel
Llenrock Group restructured a $10,575,000 loan in addition to successfully structuring a three-year extension on the loan for a 104-key Homewood Suites by Hilton in Newtown, PA.
The construction and mini-permanent loan on the property since its construction was nearing the end of its term. Because of an existing ground lease and extensive PIP requirement, no permanent lender in the market would provide proceeds for a new mortgage without an additional equity injection.
Llenrock was brought in to negotiate and restructure the current loan. Llenrock Group successfully structured a three-year extension to give the property’s owners enough time to hyper-amortize the current mortgage and refinance the property prior to termination of the loan.