The Atlantic northeast office of U.S. Realty Capital brokered a $2.85 million permanent mortgage for an 82-room Microtel Inn & Suites. The property, which contains 18 suites, was constructed in 1997 and is located on U.S. Hwy. 52. The property is located within three miles of all of the area's major demand generators: Mayo Clinic, Methodist Hospital, St. Mary's Hospital and an IBM plant. The loan was placed on behalf of a large Minnesota-based hotel developer/operator who sought out Rob Pisanelli of U.S. Realty Capital.
The loan was placed with a credit union at an all-in rate of 7%, 70% loan-to-value, 10-year term and amortized over 30 years.