David Sarnoff, commercial mortgage banker, in Barry Slatt Mortgage's Los Angeles office recently completed the 65% LTC financing of a 292 key hotel in the Houston, TX metro area. The property was financed with a 5-year fixed rate and a 25-year amortization, in line with the borrower's request. Total proceeds also include funding for a two-year property improvement plan. The loan was placed through Barry Slatt Mortgage with a CMBS bank lender.
Sarnoff packaged the deal from top to bottom by bringing the sponsor an equity partner in addition to placing the debt. The deal was originally signed up in June and was scheduled for an August closing that was delayed indefinitely in the aftermath of Hurricane Harvey. Sarnoff was able to hold all of the parties together and work through a series of complex issues to get the loan back on track and make sure that it closed.