Chicago-based Paramount Capital Advisors has secured a $7.5 million acquisition loan for the Ramada South Austin in Texas.
The financing was structured through the SBA 504 program at 80 percent loan-to-cost with the property improvement plan included in the financing. The loan closed at a 6.9 percent blended rate on a 10-year term with a 25-year amortization. Full approval from both the bank and SBA CDC was achieved in just 15 days.
“This loan closing demonstrates PCA’s ability to source and facilitate approvals on constrained timelines while providing a cost-effective structure for our clients after their original lender did not perform,” Tyler Cornelius, managing director, Paramount Advisors, said in a statement.