|GROSS LOAN AMOUNT||$3,300,000|
|LOAN TO VALUE||60%|
$3,300,000 FOR THE REFINANCE
OF A LOW-RISE HOTEL IN MEMPHIS, TN
The property is a 75,681 square feet, 249-room, four-story, low-rise hotel, which opened in 1972 and was fully renovated in 2010-2012. The property features two restaurants and two bars. The borrower purchased the subject property through a special servicer auction in November 2010 for $1,550,000. The borrower has invested over $3,000,000 of equity to renovate the property and affiliated it with Choice Hotels as a Clarion Hotel following completion of its renovation in August, 2012. The property was appraised for $5,500,000 on August 31, 2012.