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ParkSide Secures Loretto Financing

ParkSide Real Estate Capital is pleased to announce the successful closing of a $ 20,150,000 refinancing for Inn and Spa at Loretto, a 134-room boutique hotel located in Santa Fe, NM.
The 6.60% Fixed Rate 7-Year Permanent Financing with Interest only Payments for First Two Years and a 25 Year Amortization Schedule was secured by a First Mortgage Lien on the Hotel Property.

“The $20,150,000 financing allowed the Borrower to pay off existing higher rate debt and purchase the underlying ground lease of the Hotel Property” said Sukhbir Singh Benipal, President of ParkSide Real Estate Capital “The Loan allows for an additional $2,000,000 drawdown to fund expansion and additions to the Property”