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SB Yen Mgmt Secures $7.05M Bridge Loan For Comfort Inn In Downers Grove

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FINANCED
$7,050,000

Illinois

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Hotel
Financed 12/19/2018
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FINANCED

SB Yen Mgmt Secures $7.05M Bridge Loan For Comfort Inn In Downers Grove

3010 Finley Rd, Downers Grove, IL, 60...

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Hotel
Financed 12/19/2018
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Summary

ILLINOIS
Asset Type:Hotel
Transaction Type:Loan

The Comfort Inn located at 3010 Finley Road in Downers Grove, Illinois, was subject to a $7.05 million bridge loan arranged by Chicago-based Aries Capital Partners. The loan enabled SB Yen Management Group to refinance the property, with plans to incorporate San Francisco’s Kingdom of Dumpling into the hotel's adjacent 21,000 square-foot banquet/retail space, enhancing the overall offering of the 121-key hotel.

Summary of transaction details:

Neil D. Freeman, the chairman and CEO of Aries Capital, played a pivotal role in originating the transaction, with senior associate Brandon Perdeck overseeing the underwriting and closing processes. As the long-time client of Aries Capital, SB Yen Management Group's strategic vision for the property includes transforming the banquet/retail space to accommodate the renowned Kingdom of Dumpling, further establishing the hotel as a premier destination in the area.

Players

3 deals$30.5M volume
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LENDER

Details

FINANCED
IMAGE: 12/19/2018 ADDRESS: 3010 Finley Rd, Downers Grove, IL, 60... MARKET: Downers Grove ASSET TYPE: Hotel BORROWER'S REP: Neil Freeman() LENDER: Unknown life insurance company LOAN AMOUNT: $7,050,000.00

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,050,000.00

Monthly NOI$47,000.00
Monthly Debt Service$44,560.80
Change in Cash Flow$0.00
Refinance Proceeds$0.00