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ARTESIA, N.M. — Marcus & Millichap Capital Corp. (MMCC) has arranged $8.8 million in financing for the acquisition of Hampton Inn & Suites Artesia, a hotel located at 2501 S. Permian Pavilion Ave. in Artesia, located in the southeast corner of the state.
Tyler Waller of MMCC’s Phoenix office secured the 10-year loan, which includes three years of fixed interest with a 25-year amortization schedule and 70 percent loan-to-value ratio, on behalf of a private client. Josh Tammen of Marcus & Millichap represented the both the buyer and seller in the transaction.
Built in 2016, the Hampton Inn & Suites Artesia features 81 guest rooms and provides direct access to downtown Artesia and Artesia Municipal Airport.