Axilla Capital Arranges $7.8 Million First Mortgage Loan for the Holiday Inn Express Spartanburg North
TROY, MI (November 18, 2016) – Axilla Capital, LLC announced today that it arranged a $7.8 million non-recourse loan to refinance the Holiday Inn Express Spartanburg North. The loan proceeds enabled the borrower to repatriate some equity invested in the hotel and to plan for additional future improvements to conform with IHG’s Formula Blue concept. Joel Mazur, Managing Principal of Axilla Capital, originated the transaction and secured the financing.
Spartanburg County is home to over 162 international firms including BMW, adidas, Dräxlmaier, Toray Carbon Fibers, Michelin, Röchling, Magna, Auriga Polymers, among numerous others. The pro-business county has experienced a boom in growth as several companies have recently expanded in the market. Business has flourished in this area because of the I-85 corridor, proximity to deep water sea ports, the SC Inland Port, pro-business climate, cultural amenities and high quality of life.
The Holiday Inn Express Spartanburg North benefits from a strategic location of being the first IHG property when traveling south along Interstate 85 from the Charlotte Douglas International Airport. The property is well-positioned to service the highway traffic from Charlotte and the north Spartanburg corporate base.
The, custom-designed, 91-room hotel has been awarded three national awards by IHG: Newcomer of the Year (best design/construction) for 2010, Torch Bearer (best guest scores) for 2011 and Five for Five 2015 (top in system). This consistent reputation has made the hotel a preferred lodging option 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 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