$15,000,000 Perm Loan
The Rim in San Antonio, TX
Highland arranged a $15,000,000, 67% LTV, 10-year CMBS permanent loan on a 4-story, 128-key SpringHill Suites by Marriott at The Rim in San Antonio, Texas. Sponsor developed the all-suite hotel in 2016 and intends to hold the asset long term. Proceeds were used to refinance the existing construction debt and provided significant cash out to the borrower to pay off equity investors.