Marcus & Millichap Arranges $9.1M McAllen Hotel Refi Loan
Marcus & Millichap arranged a $9.1 million loan to refinance The Hilton Garden Inn McAllen Airport in McAllen, TX. The financing was arranged by Robert Bhat out of the Miami office.
“The property is a high-performing Hilton Garden Inn hotel strategically located in the growing market of McAllen, TX,” said Mr. Bhat. “We were able to assist the borrower in refinancing their existing acquisition bridge debt with $9.1 million in permanent CMBS (Commercial mortgage-backed securities) financing.” The MMCC team secured a five-year term with a 65% LTV and a 30-year amortization. Additional funding was also provided for the Property Improvement Plan.
Located next to I-2/Highway 83, the 104 key Hilton Garden Inn McAllen Airport features an outdoor pool and fitness center. Built in 2000, the property is less than ten minutes from McAllen International Airport and within three miles of other local attractions, including La Plaza Mall and the McAllen Convention Center.