First Trust Deed collateralized by Hotel Cascada, located in Albuquerque, New Mexico, a 300-guestroom hotel with 31,000 square feet of rentable function space, food outlets and its on-site waterpark, ABQ Surf N’ Slide. Since acquiring the hotel about six months ago, the borrower has agreed to change the management company to Wyndham Hotels. As part of the switch to Wyndham, the property will close for a few months while major renovations are done to the property in preparation of opening as a Wyndham Resort.
Loan Amount: $6,650,000
Yield: 10.75% (Principal Balance ≥ $100,000) 10.5% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: 13 months with an optional 12 month extension at maturity.