THREE MICHIGAN HOTELS RECEIVE CMBS REFINANCING TOTALING $18M

TRAVERSE CITY, MICH. — Commercial Property Advisors and Hunter Hotel Advisors have arranged $18 million CMBS loan for the refinancing of three hotels in Traverse City. The fixed-rate, 10-year loan has a 25-year amortization schedule. The hotels, which include Best Western, Cambria Suites and Comfort Inn, total 204 rooms. Cary Belovicz of Commercial Property Advisors and Angelo Stambules of Hunter Hotel Advisors arranged the loan for an undisclosed borrower.