Cronheim Mortgage Arranges $17.6 Million Refinance For Fairfield Inn & Suites In Philadelphia

The asset involved in this transaction is the Fairfield Inn & Suites Center City Philadelphia, a hotel located at 261 South 13th Street in Philadelphia, PA. The loan amount secured for this property is $17,600,000, utilized for refinancing purposes with a five-year, floating-rate loan structure. The financing was facilitated by an unnamed regional bank.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $17,600,000
• Loan Type: Refinance
• Loan Terms: five-year, floating-rate
• Broker: Cronheim Mortgage

Cronheim Mortgage arranged the refinancing on behalf of its hotel affiliate, working with an undisclosed sponsor. The deal was structured without prepayment penalties, ensuring flexibility for the borrower.