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Eleanor Financial arranges $10.5 million loan for the ground-up financing for 87 Room Fairfield Inn and Suites Aransas Pass, Texas

Eleanor Financial arranges $10.5 million loan for the ground-up financing for 87 Room Fairfield Inn and Suites Aransas Pass, Texas

Fairfield Inn and Suites

$10.5 Million
85% LTC
Full Recourse
Construction to Permanent

Hospitality owners have numerous capital options for both existing and ground-up projects. Conventional ground-up financing is available but only to strong sponsors. New Construction financing have numerous moving parts and can be a lengthy process towards the first construction draw or ground breaking. In the case of construction to permanent loans, clients actually have two loans. Whereas the SBA 504 program, borrowers will have three loans (Construction, Conventional, Debenture) possibly four loans if the construction lender uses a bridge debenture plus the SBA approval. Many property owners are obtaining attractive long term non-recourse cash-out loans from their existing real estate assets to use for new development and expansion.

EF President Kimberly Kirk states, “Even though ground-up construction financing is the most complex and challenging debt option, it’s the most rewarding for all parties involved. Not only are you helping increase the investor’s portfolio, new development creates jobs in the community both temporary and permanent. For Example ground-up multi-family, developers are improving a family’s life. There’s nothing more gratifying! Construction is a vital part of America’s economic growth. It’s the debt that gets us to the finish-line!”

Founded in 1999, Eleanor Financial Inc. is one of the nation’s largest commercial real estate finance and advisory firms headquartered in Houston, Texas. We work with a broad array of capital providers. Eleanor Financial Inc. arranges financing for transactions ranging from $1 million to $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. We are currently offering long-term non-recourse debt options with leverages as high as 80% and 25-30 year amortization schedules even cash-out available including hospitality. If you need a quick close or in a distressed situation, we have the solution through one of our many bridge lenders. Please call or email us to structure financing for your next transaction.
Kimberly Kirk
President
Eleanor Financial, INC.
Phone: 713-858-5556
FAX: 866-941-4655
kkirk@eleanorfinancial.com
www.eleanorfinancial.com

Cash-Out Refinance the Howard Johnson Inn Jamaica JFK Airport NYC.

howard Johnson

Cash-Out Refinance the Howard Johnson Inn Jamaica JFK Airport NYC.

Principal Amount: $7,500,000

Leverage: 70%

Loan Term: 120 month

Amortization Schedule: 300 months amortization

Fixed Interest Rate: 4.768%

Non- Recourse

Assumable

Even though the property has only been opened for eight months, a cash-out loan was allowed. Also, this is the only Howard Johnson to be securitized since 2007.

Founded in 1999, Eleanor Financial Inc. is one of the nation’s largest commercial real estate finance and advisory firms headquartered in Houston, Texas. We work with a broad array of capital providers.  Eleanor Financial Inc. arranges financing for transactions ranging from $1 million to $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. We are currently offering long-term non-recourse debt options with leverages as high as 80% and 25-30 year amortization schedules even cash-out available including hospitality.  If you need a quick close or in a distressed situation, we have the solution through one of our many bridge lenders. Please call or email us to structure financing for your next transaction.

Kimberly Kirk

President

Eleanor Financial, INC.

Phone: 713-858-5556

FAX: 866-941-4655

kkirk@eleanorfinancial.com

www.eleanorfinancial.com

 

Punta Gorda Waterfront Hotel and Suites

Punta Gorda Waterfront Hotel and Suites Punta Gorda, FL

Debt Restructure.

Punta Gorda Waterfront Hotel and Suites

Principal Amount: $7,500,000

Leverage: 70%

Loan Term: 120 months

Amortization Schedule: 300 months amortization

Fixed Interest Rate: 5.4%

Non- Recourse

Assumable

This property had several challenges besides being a non-flagged hotel with seasonality issues. The owner had fallen victim of a predatory lender forcing him into a bankruptcy. The delinquent taxes had to be paid  and property improvements were necessary. The loan restructured the debt to market rates, cured the delinquent taxes and satisfied the bankruptcy giving the control back to the owner to continue to improve the property performance.

Founded in 1999, Eleanor Financial Inc. is one of the nation’s largest commercial real estate finance and advisory firms headquartered in Houston, Texas. We work with a broad array of capital providers.  Eleanor Financial Inc. arranges financing for transactions ranging from $1 million to $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. We are currently offering long-term non-recourse debt options with leverages as high as 80% and 25-30 year amortization schedules even cash-out available including hospitality.  If you need a quick close or in a distressed situation, we have the solution through one of our many bridge lenders. Please call or email us to structure financing for your next transaction.

Kimberly Kirk

President

Eleanor Financial, INC.

Toll Free: 866-732-5626 Cell: 713-858-5556

FAX: 866-941-4655

kkirk@eleanorfinancial.com

www.eleanorfinancial.com

Matrix

 

Loan Type Small Balance CMBS Life Insurance Bridge Loans
Loan Size $1,000,000 up to $10,000,000 $3,000,000   and up $2,000,000 and up $1,000,000 and up
Uses Acquisition / Refinance

Cash Out/New Construction/ Rehab/ Investment/Owner User

Acquisition /Refinance

Cash Out

Acquisition/Refinance

Cash Out* Lower Leverages Only

 

Quick Close /Debt Restructuring Rehab/ Value Add /DIP Cash Out

Terms Flexible Customized to Borrowers Needs 5,7,10

I/O Available

3,5,10,15 1-3 year Terms
Leverage Up to 80% LTC for Purchase / 75% Refinance

Acquisition/ Refinance 7A/504 only

 

80% LTC/75% LTV for Construction

Up to 75% LTC

Up to 85% LTV (with mezzo ($1 million Min)

Up   to 75% LTV

Multi-Tenant Office/ Unanchored Retail/ Self-Storage

Up to 75% Acquisition Up to 65% Refinance (some cash out avail at lower leverages )

Up to 85%   LTC/ 75% Stabilized Value
Debt Service 1.25x 1.35x 1.25x Multifamily

1.35x Commercial

N/A
Nonrecourse Full Recourse/ Partial Required

Non-Recourse on Investment Grade Assets Only

Non-Recourse Usually Non- Recourse Full Recourse –under $5,000,000
Prepayment None/ Declining Defeasance Yield Maintenance 1% Exit Fee/ Interest Prepayment 1-12 months
Amortization 20-30 years Up to 30 years  

 

25 years

*30 Year Credit Tenant and Multi –Family

Interest Only
Rates Start Rates 3.99% 190bps – 280 Bps over the Corresponding swap * 60-65% LTV loans are about 20 bps 5 Yr. Fixed: 3.27% 10 Yr. Fixed: 3.59% 15/25 & 20/20 3.69%

5.5% to 14%
Origination Par – 1 % Par- 1%  

Par- 1%

1.5 % to 4% points
Property Types/Classes Any Type

A-C Rehab OK

Any Type

A-C

Any Type

A-B

Any Type

A-C Rehab OK

Location Nationwide Nationwide Nationwide Nationwide
Fixed and Floating Rate Loans of 3, 5, 7, 10 years and fully amortizing loans of 15, 20, 25 years are available. Pricing may vary depending length of loan, LTV, DSCR, property quality and market conditions. Construction financing, mezzanine and equity capital is available for select properties.

 

Construction Loan Programs

  LTC/LTV Spread over LIBOR
Development 55 to 80% 200 to 500

 

Loan Closing Alert: $3.7-Million Refinance/ Cash-out Loan for a Class Office A Building Located in Boca Raton, FL

Loan Closing Alert: $3.7-Million Refinance/ Cash-out Loan for a Class Office A Building Located in Boca Raton, FL
Terms: 75% LTV
10 Year Fixed
Interest 5.1%
30 Year Amortization
Assumable
Non-Recourse
The $3.7-million first-mortgage loan was utilized to refinance existing debt with some cash-out secured by a 25,400-square-foot multi-tenant office building located in Boca Raton, Florida. The property, constructed in 2006, is currently 87% occupied by 16 tenants, primarily local professional firms. The exterior of the building is white stucco and glass, and it provides covered tenant and visitor parking under the structure.
The property is located on North Federal Highway (also known a Route 1) in Boca Raton, with immediate access to points north and south via I-95, one-quarter mile west of the property. Furthermore, the property is located on the 79th Street canal.
Many of the offices have water views of the Intracoastal Waterway, including the magnificent boats and restaurants on the water.
The transaction had its challenges!
The owner had already wasted over 90 days trying to go direct to a lender. – Unfortunately, he “burned his bridge” with that lender by saying the wrong thing. A common mistake made by many borrowers not familiar with the new mechanics of commercial financing which can kill a loan and waste a lot of time! Since we work with commercial underwriters daily, we’re more capable of properly presenting the financing proposals. We tell our borrowers please don’t go at this alone! Remember -The lender only has their interest in mind not the borrower.
We have multiple transactions simultaneously with a variety of investors. This enables us to “horse trade.” For example, if you do this loan- we have other loans to submit. Sometimes, we need to be firm with the investors – We might take this loan away if you don’t treat our borrower like gold conversation!
This client was delighted; we were able issue multiple financing offers for his review. We advocated for him every step of the way even calling him on Friday nights with loan updates. We never leave our clients “hanging” over the weekend. Good, bad or ugly, we remain transparent to our borrowers throughout the process. Remember, lenders will say one thing to the borrowers and another to us commercial advisors. Our borrowers know we handle every aspect of the loan process on their behalf. This takes the pressure off our borrowers and allows them to focus on what they do best –
Real Estate Investment and Development.
Since we have recently funded numerous transactions with this investor, we addressed a zoning issue prior to the underwriter catching the problem. We anticipate underwriting concerns quickly which saves value time for our clients.
On this particular transaction, the tenant leases are very short, some only year-to-year, and some of tenants at the property did not match the business names on the leases. Lease rollovers really make underwriters nervous. Knowing this issue would need to be addressed, we provided a thorough market analysis to the underwriter upfront. We convinced the chief credit officer that the outstanding location will always provide strong demand for space at the property.
In this lending environment, there’s no perfect loan but a solid middle ground for all parties.
The most rewarding part of our job – is a happy client-
We’re already working on his next project!
Referrals are the biggest compliment!
Eleanor Financial prides itself in delivering new and innovative lending programs.

We provide both permanent and bridge financing solutions for all types of commercial assets nationwide including many non-recourse options available through lending partners with flexible terms up to 80% leverage in some markets – even Hospitality!

If you need a quick close or in a distressed situation, we have the solution available through our private equity program.

You will never experience the horrors of a commitment not being honored with our team. We never charge any upfront fees.

Unlike other lending groups, we offer quick and reliable feedback to all our clients with competitive rates and successful closings.
We’re excited to be the exclusive facilitators for several new and old investors entering into the commercial lending market.

Our Company remains the most adaptable and capable in the industry to guide our borrowers through the ‘New Normalcy.”

We welcome any inquiries regarding your proposed commercial real estate financing needs.

Call or email us with any questions.

Our team is here to assist you!
We make the impossible … possible

Kimberly Kirk
President
Eleanor Financial, INC.
Toll Free: 866-732-5626 Cell: 713-858-5556
FAX: 866-941-4655
kkirk@eleanorfinancial.com
www.eleanorfinancial.com

Eleanor Financial Inc. Arranges $21.8 Million This Quarter in Financing for Hospitality Properties Located in Texas and Indianapolis.

Eleanor Financial Inc. Arranges $21.8 Million This Quarter in Financing for Hospitality Properties Located in Texas and Indianapolis.
Eleanor Financial Inc., a leading national commercial real estate finance and advisory firm, announced the following transactions:
A new mortgage of $7.5 million was placed by Eleanor Financial for the acquisition of the Comfort Inn (57 rooms) and Country Inn and Suites (57 rooms) the property is located JFK Blvd (Bush Airport) Houston, Texas. The loan features an 83% LTC and a five-year term with a 25 year amortization schedule. This transaction was negotiated by Kimberly Kirk, President.
Eleanor Financial negotiated a new mortgage in the amount of $5 million for the ground up development of the 74 room Holiday Inn Express located in Carrizo Springs, Texas. The loan features 80% LTC and a 25-year term and amortization schedule. This transaction was also negotiated by Kimberly Kirk, President.
A new mortgage of $3 million was placed by Eleanor Financial for the acquisition of the 55 room La Quinta Inn and Suites property located in Seabrook, Texas. The loan features 80% LTC and a 25-year term and amortization schedule. Once again, this transaction was negotiated by Kimberly Kirk, President.
A new mortgage of $6.3 Million was placed by Eleanor Financial for the Refinance of the 103-room Cambria Suites located in Indianapolis, IN. The loan features a 69%LTC and a 5-yr loan term with a 25-year amortization schedule. Kimberly Kirk, President was lead negotiator on this transaction.
Founded in 1999, Eleanor Financial is one of the nation’s largest commercial real estate finance and advisory firms. Eleanor Financial is headquartered Houston, Texas. We work with a broad array of capital providers. Eleanor Financial Inc. arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. We are currently offering long-term non-recourse debt options with leverages as high as 80% and 25-30 year amortization schedules even cash-out available. If you need a quick close or in a distressed situation, we have the solution through one of our many bridge lenders. Please call or email us to structure financing for your next transaction.

Kimberly Kirk
President
Eleanor Financial, INC.
Toll Free: 866-732-5626 Cell: 713-858-5556
FAX: 866-941-4655
kkirk@eleanorfinancial.com
www.eleanorfinancial.com

Eleanor Financial Inc. arranges financing for two neighborhood retail centers located in Kent, WA and Arlington, TX and a mixed –use property located in New York, NY.

Eleanor Financial Inc. arranges financing for two neighborhood retail centers located in Kent, WA and Arlington, TX and a mixed –use property located in New York, NY.
With the market improvements, investors have more access to capital for retail and mixed-use properties. This is good news for Bridge lenders who are more willing to offer higher leverages. Interest only payments and cash out are now readily available. Below please see our recent transactions:

Arkansas Square Arlington, Texasarkansas square
Arkansas Square 35,000 SQFT 86% leased retail property located in Arlington Texas. This particular property was an auction.com who sold it AS-IS all cash deal. Like most Real Estate Investors, liquidity was sufficient for one transaction not for multiple investment opportunities. Prior to funding, the refinance loan, it was discovered the property had environmental issues which needed to be cured prior to securing conventional financing. We located a local vender who worked hand in hand with the borrower through the complexities working with the TCEQ to obtain a No Further Action (NFA) letter documenting regulatory closure of the release incident. Upon receipt of the release, the borrower was able to obtain 70% leverage $2,200,000 loan, 5 year term, 4.55% interest rate and a 20 year amortization. The borrower even received a little cash back for reimbursements of CAPEX.

Kent Square Kent, WA

kent square
Kent Square is a 45,000 SQFT vacant multi-tenant retail /office center. The center had some preleasing but no nationally recognized tenants. We demonstrated to the bridge lender the area market rental absorption rate was strong minimizing the risk of long term vacancies. Our team secured a bridge lender to net-fund a 78% LTC $3,810,000 loan with “all in” including acquisition, TI/ CAPEX, points, fees and interest reserve for this opportunistic acquisition. The loan has a twelve month term with two- 6 month renewal options and a six month prepayment penalty.

202-204 First Avenue, New York, NYnew york
202-204 First Avenue, New York, NY is a 15,900 SQFT mixed use property with retail on the first floor and 22 apartments on the second floor. Even though the borrower only owned the property for one year, we were able to arrange 90% of the costs basis for cash out. The 75% leverage $10,000,000 loan has a 2 year interest only period and converts to a 30 year amortization for the remaining 5 year term with a reset. The loan is priced at a five year Libor swap rate plus 250 basis points with a floor of 3.50%.

Founded in 1999, Eleanor Financial Inc. is one of the nation’s largest commercial real estate finance and advisory firms headquartered in Houston, Texas. We work with a broad array of capital providers. Eleanor Financial Inc. arranges financing for transactions ranging from $1 million to $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. We are currently offering long-term non-recourse debt options with leverages as high as 80% and 25-30 year amortization schedules even cash-out available including hospitality. If you need a quick close or in a distressed situation, we have the solution through one of our many bridge lenders. Please call or email us to structure financing for your next transaction.

Kimberly Kirk
President
Eleanor Financial, INC.
Toll Free: 866-732-5626 Cell: 713-858-5556
FAX: 866-941-4655
kkirk@eleanorfinancial.com
www.eleanorfinancial.com

New Construction capital available for all types of commercial real estate assets nationwide for loan amounts of $1- $10 Million.

New Construction capital available for all types of commercial real estate assets nationwide for loan amounts of $1- $10 Million.

In select markets, the appetite for new construction has expanded. In the past few years, USDA, SBA and HUD were the main capital for new developments. With the market conditions improving, lenders are more open for new ground up construction. Residential developments are still stagnant and only available to the most experienced and liquid borrowers. Location is everything. Pre-leasing is still a must except spec industrial developments possible. New Construction loans are stridently underwritten with the greatest emphasis on experience. We recently arranged financing for a $2 million STNL Ground-up project located in Uvalde, Texas. Terms: 75% LTC, 5 year term, 4.5%, 15 year amortization, No prepayment penalty. Pricing for new developments varies. For the right project such as Multi-family, higher leverages might be an option but on a case by case basis. We welcome all inquiries regarding your commercial real estate financing needs. We make the impossible … possible – Kimberly Kirk kkirk@eleanorfinancial.com 866-732-5626 or cell: 713-858-5556 www.eleanorfinancial.com

Eleanor Financial funded 3 industrial buildings located in the Boston MSA area

Eleanor Financial funded 3 industrial buildings located in the Boston MSA area. These loans were structured as 10 year terms with start rates of 3.99 %, fixed 5 years and a reset of 250bps of CMT for the remaining 5 years. The full-recourse loans have a 30 year amortization and no prepayment penalty. These loans had many challenges besides high leverage. The borrower, a local developer had numerous “legacy” issues. After several years vacant, a national tenant recently took 100% occupancy of one of the three buildings. Our borrower utilized all his cash resources i.e. credit cards for TI dollars necessary to attract this quality tenant. Even though this building is now occupied with a good tenant and a long term lease, the developer had cross collateralized all buildings which included a fractured condo project. Due to vacancies and tenant repositioning, the historical numbers for all 3 buildings were lean. Our team completed an extensive due diligence of the market area demonstrating both improved occupancies and the buildings’ current rental rates were below market ensuring future improvement in values. Once the new loans were funded, many of the previous “legacy” issues disappeared when the debt was restructured with an attractive interest rate. Also, some cash reimbursements for the sponsors TI improvements significantly improved the developer’s overall liquidity. Since the area’s office condo market is heating up, the fractured condo project was not an obstacle but a positive as the end-user demand is improving. We even negotiated a release clauses so the developer would no longer be hindered in the future giving him flexibility to expand, sell etc. We were delighted to assist this developer and many others over the years in significantly improving their overall financial profiles. We’re finally seeing in some areas of the US higher leverages (80%) available for investment commercial real estate which is not government guarantee, agency, owner-user or investment grade. This is good news for our high leverage buyers and clients. We also provide permanent financing solutions for all types of commercial assets nationwide including many non-recourse options which are available through our many Life/ CMBS/ Intuitional /REIT/ lenders with flexible terms. If you need a quick close and/or in a distressed situation, we have the solution available through one of our many bridge lending programs. We welcome any inquiries regarding your proposed commercial real estate financing needs. Please call and/or email Kimberly Kirk – kkirk@eleanorfinancial.com 866-732-5626 or Cell: 713-858-5556