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Finance for Hotel in Catskills

Monday, December 18, 2017
Borrower   A Developer in New York
Loan   A $9,780,000 three year loan at 9% for the first year,15% the second, and 18% for the third year.
Collateral   A first mortgage on the Hudson Valley Resort (formerly the Granite Resort), a 332-room hotel with an 18-hole golf course on a total of 571 acres in Kerhonkson, New York
Guarantors   The two principals of the Borrower
Purpose   The loan enabled the Borrower to close on the purchase of the property.
Exit strategy   The Borrower intends to improve the hotel profitability, increasing occupancy to over 40%. The excess land (some 270 acres) will be developed as single family residences, and the Borrower expects to repay us out of the sale of these.
Outcome   The loan is current




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