James A. Procaccianti Refinances Hotels In St. Petersburg & Wilmington With $23.67M Loan

The loan involved a refinance of two hotels located in St. Petersburg, FL, and Wilmington, NC. The properties include Staybridge Suites in St. Petersburg and Springhill Suites in Wilmington, with a total of 239 keys. The loan amount secured from Liberty Bank for this refinancing was $23,670,000. The terms of the loan include a five-year term, with interest-only payments for the initial two years, and an amortization schedule spread over 25 years.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $23,670,000
• Address: 940 5th Avenue South - Staybridge Suites St. Petersburg & 1013 Ashes Drive - Springhill Suites Wilmington Mayfaire
• Market: St. Petersburg & Wilmington
• Landlord: James A. Procaccianti - Procaccianti Hotel REIT Inc.

The loan was secured by Procaccianti Hotel REIT Inc. from Liberty Bank to refinance the two CMBS loans on the hotels. The landlord behind this transaction is James A. Procaccianti, representing the company Procaccianti Hotel REIT Inc.