Paramount Capital Advisors is pleased to announce the closing of a $9,200,000 construction loan for the development of the 135 room Hampton Inn and Suites in Goddard, Kansas. The Property will be part of the Genesis Sports Complex, which when complete, will consist of 10 baseball fields hosting baseball and softball tournaments, an Aquatic Facility which will include pools for competition, as well as a water park, surfing machine, lazy river plus a 12,000 sq. ft. Health Club.
The loan represents approximately 50% of the total cost of the project. The three-year construction loan was priced at a spread of 350 basis points over a Libor floor of 1%.
“We are very pleased to be able to close on a construction loan for a hotel deal in this environment,” stated to John Pascal, Senior Managing Director of Paramount Capital Advisors. “It is a reflection of our ability to provide creative and cost-efficient capital solutions for our clients.”