Axilla Capital Secures $4.3 Million "Quick-Close" Acquisition Loan for Holiday Inn Express Hutto, Texas
TROY, MI (April 26, 2018) – Axilla Capital, LLC announced today that it closed a $4.3 million loan for the acquisition of the Holiday Inn Express in Hutto, Texas. The loan proceeds were used to acquire the property and fund a reserve for planned renovations. Associate Director Tom Fleming originated the transaction and placed the loan with a conventional bank on behalf of the borrower.
“This was a very time sensitive transaction,” says Fleming. “The borrower engaged us after it became apparent that the original lender they chose for the deal wasn’t able to meet the
closing deadline.” Axilla quickly identified an alternative debt provider that could execute within just five weeks . The five-year loan has an “interest-only” component and has no prepayment penalties.
The 60-room property opened in 2008 and features a fitness center, indoor pool, business center, meeting room, complimentary breakfast and free Wi-Fi. Located approximately 27 miles northeast of downtown Austin, Hutto is also a short drive from Round Rock and Georgetown. The Austin, TX MSA is one of the fastest growing markets in the state and country. Hutto’s population has exploded in the last decade and future job growth is predicted to increase 42% over the next ten years.
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 and self-storage properties. The company’s principals have a combined track record of closing more than $2 billion of transactions. Website: www.axillacapital.com