Liberty Loans $3.3 Million on Hotel Colonial America
Sacramento, California - December 15, 1997 - Liberty Mortgage Acceptance Corporation funded a $3,300,000 first mortgage on the 189-room Hotel Colonial America Located at 6483 Richmond Road in Williamsburg, Virginia.
Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate at 9.05%; amortized over 25 years.
The loan is part of a mortgage pool that Liberty is currently assembling for securitization according to Joe Cunningham, President and co-founder of the Sacramento, California-based commercial mortgage lender. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.
The Hotel Colonial America is a 189-room, full-service hotel constructed in 1986 on a 1.837 acre site. Since opening, the property has been affiliated with Best Western and Quality Inn, but has been operated as an independent since 1994. The seven-story hotel features 23 jacuzzi suites, a 96-seat restaurant, a 38-seat lounge, a 6,225-square foot meeting room, indoor and outdoor swimming pools, video arcade, laundry/valet service and cable TV. 864 open-air parking spaces are shared with the adjacent McDonald's restaurant and Outlet Mall.
The city of Williamsburg and James City County have shown consistent economic growth and strength, as evidenced by improving retail sales, hotel/motel sales and low unemployment rates. Retail sales for the county were up over 6.5% from 1995 to 1996, and hotel/motel sales increased some 25% since 1990. Williamsburg is situated between the Blue Ridge Mountains and the Virginia Beach seashore in James City County, Virginia. James City County is the 28th largest Metropolitan Statistical Area (MSA) in the U.S., and is located within 750 miles of 2/3 of the nation's population and 3/4 of all U.S. manufacturing activity. Williamsburg is a major tourist destination, as part of Virginia's Historic Triange where many events in American history took place. Busch Gardens Theme Park and Water Country USA draw many tourists, as do the championship caliber golf courses in the area. Shopping is also abundant. Busch Gardens, Colonial Williamsburg and Anheuser-Busch are the area's three largest employers. Hotel Colonial America was considered an excellent candidate for financing due to its excellent location and its notable increase in occupancy and average daily rate since operating as an independent hotel.
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: firstname.lastname@example.org.