Aries Conlon Capital has closed on a $10.15 million, non-recourse, CMBS permanent loan with significant cash out for the Best Western Castillo Del Sol in Ormond Beach, Florida. Senior Vice President Francisco Nacorda originated the loan for the 147-key limited services hotel and Associate Vice President Prabhat Jayara and Vice President Heather Madsen managed the processing and closing.
The 10-year fixed rate, CMBS permanent loan featured a 30-year amortization and was closed at 65% Loan-to-Value (LTV). The oceanfront, exterior corridor hotel is located directly on Ormond Beach near Daytona Beach. The hotel is close to the corporate headquarters for NASCAR, the International Motor Sport Association (IMSA) and the International Speedway Corporation. A local commercial real estate broker referred the borrower to Nacorda.
“This is a well-managed, beautiful hotel,” said Nacorda. “The borrower has done an exceptional job of maintaining and improving the property. We were able to achieve maximum leverage on this transaction to enable the borrower’s future growth objectives.”