$54.5 Million Loaned by Liberty on Five Homewood Suites Hotels
Liberty Mortgage Acceptance Corporation funded five first mortgages on a portfolio of Homewood Suites Hotels located in San Jose, California; Savannah, Georgia; Seattle (Tukwila), Washington; Jacksonville and Kissimmee (Orlando), Florida. Total room count for the portfolio is 624 rooms, for a loan amount per room of over $87,000.
Liberty originated, underwrote and funded the loans with a ten-year term at a fixed interest rate of 235 basis points over the ten-year U.S. Treasury rate; amortized over 25 years. Loan-to-value ratio for this transaction was 80%.
The Seattle hotel is located at 6955 Fort Dent Way near the Green River and Interstate 405 in Tukwila (Seattle), Washington. This hotel consists of 106 suites. The Savannah hotel also consists of 106 suites, and is located at 5280 White Bluff Road in central Savannah. The San Jose hotel contains 140 suites, and is located at 10 West Trimble Road near the San Jose Airport and U.S. Highway 101. The Jacksonville hotel contains 116 suites, and is located at 8737 Baymeadows Road in Jacksonville, near Interstate 95. The Kissimmee hotel is located at 3100 Parkway Boulevard, just off Highway 192, and consists of 156 suites. This hotel did not suffer any significant damage in the recent storms affecting the area.
Amenities for all five hotels include outdoor pools & spas, gazebos, sports courts, VCR's, TV's, computer outlets, recliners, couches, and full kitchen appliances including refrigerators/freezers, range tops, microwave ovens, toasters, coffee & juice makers, dishwashers, and pots, pans, and utensils.
Sacramento, California - March, 1998
Founded in 1992, California-based Liberty Mortgage Acceptance Corporation is a private mortgage lender specializing in the securitization of commercial real estate mortgages on apartments/multifamily, shopping centers, factory outlet centers, mobile home parks, light industrial or R&D, office buildings, hotels, and health care facilities nationwide. A direct lender, Liberty provides a highly liquid security to the investment community. For more information, please contact Liberty at 4980 Hillsdale Circle, El Dorado Hills, CA 95762; Phone (916) 568-0100; Fax (916) 568-0110; or E-Mail: email@example.com.