- Collateral: First Trust Deed on .86-acre site located in Las Vegas, Nevada.
- Property Description:The site will be the home of the all new Delta Hotels by Marriott. The 24-floor 284 room hotel is projected to open fourth quarter of 2021 will have 10,000 sq. ft. of meeting space and approximately 1,600 sq. ft. of retail space, along with a rooftop pool, fitness center, covered parking, lobby dining bar and coffee bar. The property is in the final phase of an 8.6-acre multi-purpose development, which began in 2017. The multimillion-dollar project also includes 27,000 sq. ft. of retail and restaurant space.
- Loan-To-Value:56% (value of $6,200,000) based on an “as-is” appraised value of the property provided by HVS Consulting & Valuation on July 2018. With that said, due to the improvement to the property, leases, sales, and construction on the other portions of the original 8.6 acres the property has more than likely improved in value.
- Minimum Interest:6 months minimum interest guaranty. No prepayment penalty after 6 months.
- Borrower/Guarantor Profile: Long time borrower with net worth $51MM as of August 2019. Borrower is a well known Developer with many projects under his belt. The borrower has also just secured $85MM in construction financing along with $35MM in equity capital raise to build his a Hotel in Tempe, AZ.
- Loan Servicing: FCI Loan Servicing will provide loan servicing at Borrower’s expense.
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