LIBERTY LENDS $4.2 MILLION ON LOUISIANA HOLIDAY INN
California-based Liberty Mortgage Acceptance Corporation funded a $4,200,000 first mortgage on the 152-room, full-service Holiday Inn located at 2033 Ruth Street in Sulphur, Louisiana.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate of 9.125%; amortized over twenty-five years.
The loan is part of a mortgage pool that Liberty is currently assembling for securitization according to Joe Cunningham, President and co-founder. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.
The Holiday Inn is a mid-scale, full-service, two-story, exterior corridor hotel of brick construction, with 152 rooms. Amenities include meeting space for up to 200 people, restaurant/lounge, swimming pool, exercise room, voice mail/data ports, in-room coffee, and truck parking. The hotel is specifically located at the northwest corner of the intersection of Interstate Highway 10 and Ruth Street (Highway 27) in Sulphur, and has excellent visibility.
The city of Sulphur is located five miles west of the city of Lake Charles, Louisiana, approximately mid-way between New Orleans and Houston, Texas. Attractions within the area include the Delta Downs Racetrack and casinos including Players, Isle of Capri, Star and Grand Palais, as well as the Gulf of Mexico, Whiskey Chitto River, Toledo Bend Reservoir, Lake Charles, and two wildlife refuges. Nearby Frasch and McMurray Parks also attract numerous local sporting events which sell out the city's hotel rooms. Factors making this hotel a good candidate for financing included the experienced, knowledgeable ownership and management structure, and the strong occupancy and ADR rates.
Sacramento, California - June, 1999
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 400 Capitol Mall, Suite 2300; Sacramento, CA 95814; Phone (916) 568-0100; Fax (916) 568-0110; Web site is www.libertymac.com