The Hilton Garden Inn McAllen Airport in McAllen, TX, has been refinanced with a $9.1 million loan arranged by Marcus & Millichap. The property, a high-performing Hilton Garden Inn hotel built in 2000, features 104 keys and amenities like an outdoor pool and fitness center. Strategically situated near I-2/Highway 83, it is conveniently located within close proximity to McAllen International Airport, La Plaza Mall, and the McAllen Convention Center.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $9,100,000.00
• Address: 617 W Expy 83, McAllen, TX, 78503
• Market: McAllen
• Borrower's Rep: Robert Bhat (Marcus & Millichap)
• Lender: Undisclosed Institutional Investor
• Loan Amount: $9,100,000.00

The financing for the property was secured by Robert Bhat from Marcus & Millichap's Miami office. The loan amount of $9.1 million was used to refinance the borrower's existing acquisition bridge debt with permanent CMBS financing. The deal included a five-year term with a 65% loan-to-value ratio and a 30-year amortization schedule. Additionally, extra funding was allocated for the Property Improvement Plan, enhancing the overall value of the Hilton Garden Inn McAllen Airport.