Tower Capital Arranges Two Acquisition Loans Totaling $10.2M for Texarkana Hotels
TEXARKANA, TEXAS — Phoenix-based Tower Capital has arranged two acquisition loans totaling roughly $10.3 million for a pair of Marriott-branded hotels totaling 175 rooms in Texarkana. In the first deal, Tower Capital arranged $5.1 million for the purchase of the 85-room TownePlace Suites by Marriott hotel. In the second transaction, the firm placed a $5.1 million loan for the adjacent 90-room Courtyard by Marriott hotel. Both loans were structured with three-year terms, fixed interest rates and 77 percent loan-to-cost ratios. The undisclosed borrower(s) will use portions of the proceeds to fund capital improvements at both properties.