Barry Slatt Mortgage Principal, Scott Monasch, recently closed on the refinance of a Marriot/Starwood flagged Aloft Hotel. The loan was used to take out the in-place construction loan that Mr. Monasch had previously placed for the Owners.
The challenge was the property had only been in operation for 4 and a half months when the assignment was started. The client also sought to pull out some of the equity in the property, as part of this cash-out refinance request. The loan was presented to a large array of national open market lenders in addition to correspondent lenders that Barry Slatt Mortgage represents.
Given the vast experience and highly recognized success of the borrower/owner, Mr. Monasch was able to provide multiple opportunities and loan structures for consideration. Ultimately, a fixed-rate loan which maximized the loan amount and provided long-term flexibility with no prepayment penalty was the loan that was put in place. Mr. Monasch was selected for the assignment based on his long term relationship with the client and his vast experience and track record in hospitality lending. Barry Slatt Mortgage will be servicing this loan as part of its $4.1+ billion dollar servicing portfolio.