| Miami, Florida -- Aztec
Group, Inc., Florida's leading real estate investment and merchant banking
firm based in Miami, is pleased to announce the placement of a $13,000,000
first mortgage on the Comfort Inn Airport/Cruise Port in Fort Lauderdale,
Florida.
Located just south of the Fort Lauderdale International
Airport and Port Everglades, the 191-room Comfort Inn contains a large
outdoor swimming pool, a restaurant, pool side bar and a business center.
The hotel was acquired by the current owner two years ago and was completely
renovated in 2006.
The property is one of the strongest performers in its competitive set, and its performance is indicative of experienced ownership, strong onsite management and a fresh guest room product. These were some of the factors that the lender recognized in extending a 10-year, fixed rate, and non-recourse loan.
�The US-based lender recognized the high quality of the asset, along with its strong performance and location, as mitigants to any concerns relating to the challenging credit environment,� added Jason Shapiro. Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients. |
�It
is always gratifying to help an existing client recoup his equity investment
in less than 24 months of ownership,� commented Boaz Ashbel, Aztec�s Managing
Director, who along with Jason Shapiro, represented the borrower in the
placement of this loan. �This loan was structured and closed in less
than three months in the most highly unstable credit market that we have
experienced in years.�