LADERA RANCH, CA--(Marketwired - December 12, 2016) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided financing to a commercial property owner for the value-add renovation of a full-service boutique hotel to enable the hotel's affiliation with the flagged hospitality brand, Ascend Collection Hotels.
The $1.848 million bridge loan is secured by a 67-room hotel with an indoor pool, ballroom, restaurant, fitness center, and bar and tavern. The hotel, located in upscale Aurora, Ohio, has served as a marquee property in the community since its opening in 1927.
Positioned on 3.1 acres, the property has already seen significant benefit from the implementation of the strategic renovation plan, with average room rates increasing by 30 percent as a result of the initial improvements. Loan proceeds will fund the remainder of the renovations, including additional updates to the rooms, corridors, spa and restaurant, expansion of common areas and lounges, improved landscaping, and the creation of an outdoor event space.
"The Money360 team is always looking for deals that not only align well with our goals, but also help to improve the commercial real estate assets in the communities in which the deals are located," said Money360 founder and CEO Evan Gentry. "This transaction aligned well with that mission and our loan criteria, as the borrower had already invested a substantial amount of capital into the property and had an excellent track record in owning hospitality properties."
The two-year loan has a fixed rate (interest only) with recourse to the sponsor.
Money360, Inc. is a direct lender that offers borrowers speed, convenience and reasonable terms on small- to mid-balance commercial real estate loans. Money360 operates a marketplace lending platform that caters to institutional and accredited retail investors, providing direct access to attractive fixed income investments secured with a first-priority lien against income- producing commercial real estate. Money360 also operates an investment management company, M360 Advisors, LLC, which manages diversified fund vehicles on behalf of institutional and accredited retail investors. Borrowers and lenders (investors) can register at www.money360.com.