TownPlace Suites by Marriott
Advisors: Daniel Friedeberg
City: Northern California
Lender type: Life Insurance Company
Property type: Hospitality
Transaction type: Permanent Loan
Loan amount: $22,000,000
Barry Slatt Mortgage CEO, Daniel Friedeberg, along with Vice President, Kelvin Lam, and analyst, Marina Elias recently closed an $18 million loan on a newly constructed Marriot Towne Place Suites in Northern California.
The loan included an initial funding of $12 million with a $6 million earn out. The loan term was fixed for 10 years at a competitive interest rate and was amortized over 30 years. The loan was placed with one of Barry Slatt Mortgage Company’s correspondent life company lenders. Barry Slatt Mortgage will be servicing the loan as part of their $3.8 Billion servicing portfolio.