News: Front Section
Posted: October 2, 2007
Capmark Finance, Inc. originates $6.4m for Courtyard Gulf Shores
Capmark Finance Inc. originated $6.4 million in fixed-rate, permanent financing for the acquisition of the Courtyard Gulf Shores at Craft Farms, a hotel located at 3750 Gulf Shores Pkwy.
Situated on almost three acres, the three-story, limited-service hotel contains 90 guestrooms and three meeting rooms that provide a total of 650 s/f of meeting space. The guestroom mix includes 35 king rooms, 49 queen/queen rooms, three king rooms with Jacuzzi tubs and three suites. Amenities include a Courtyard Café & Lounge, an outdoor swimming pool, an indoor whirlpool, an exercise room, a business center, a gift shop, a vending area and a guest laundry room.
Vice president Chris Clark of the Capmark Finance McLean, Va., office originated the transaction, which was closed just 60 days from application. The borrower was Gulf Shores CY Hotel Associates, LLC.
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