Axilla Capital Closes $12 Million Cash-Out Refinance
for the Fairfield Inn Rehoboth Beach Deleware
Bloomfield Hills, MI (June 2, 2019) – Axilla Capital, LLC announced today that it closed a $12 million CMBS loan to refinance the Fairfield Inn & Suites located in Rehoboth Beach Delaware. Managing Principal Joel Mazur and Associate Director Tom Fleming represented the borrower in the transaction and secured the financing with one of Axilla’s preferred conduit lenders.
“The loan proceeds were used to retire the existing mortgage, but also provide for a substantial repatriation of equity to the owners of the hotel. This is no easy task in today’s
environment, but we got it done without any hiccups,” says Fleming. The ten-year, fixed-rate, loan was locked at sub 5%, with no adjustment to the spread, despite the recent volatility in the capital markets.
Rehoboth Beach is a principal city in Delaware’s rapidly growing Cape Region. The area is an extremely popular summer vacation destination and the hotel benefits from its proximity to various demand generators and the influx of residents and tourists. The property is surrounded by retail and restaurants and is a short drive to the popular beaches in the area.
About Axilla Capital, LLC
Axilla Capital, LLC is a leading commercial real estate finance and advisory company that specializes in arranging debt, mezzanine and equity capital for hotels, multifamily, office, retail, industrial, healthcare, self-storage and manufactured housing communities. The company’s principals have a combined track record of closing more than $2 billion of transactions. Website: www.axillacapital.com