165
CLEAR LAKE, IOWA — Dougherty Funding has provided a $3.5 million first mortgage loan for the refinancing of the Best Western Holiday Lodge in Clear Lake, approximately nine miles west of Mason City. Clear Lake Hotel Associates LLC was the borrower. The 136-room hotel is situated on approximately seven acres and includes a Bennigan’s Grill & Tavern restaurant. The property features a heated indoor swimming pool, 24-hour exercise facility, business center/work area, and 5,600 square feet of meeting space. Clear Lake Hotel Associates has begun upgrading the guestroom bathrooms and is planning to make improvements to the interior of the Bennigan’s restaurant.