Terrace Capital - $13.7 MM Non-Recourse CMBS Loan Sheraton Hotel & Resorts
Terrace Capital announced it has secured a $13.7 million refinancing for a 152-room, Class A, full-service Sheraton hotel in Augusta, Georgia.
Published on: Mar 4, 2016
Transcripts - Terrace Capital - $13.7 MM Non-Recourse CMBS Loan Sheraton Hotel & Resorts
Terrace | Capital, Inc
Rea l Es ta te In ves tm en t Ba n k in g
FOR IMMEDIATE RELEASE
For Transaction Inquiries Contact:
Terrace Capital, Inc.
65 Broadway- 7th Floor
New York, New York 10006
Direct Dial: (212) 671-1031
Terrace Capital, Inc. - Press Release - $13.7MM Non-Recourse CMBS Loan Sheraton
Hotel & Resorts - Augusta, GA.
New York, New York – June 17, 2012 – Terrace Capital announced today that it has secured a
$13.7 million refinancing for a 152-room, Class A, full-service Sheraton hotel in Augusta,
Georgia. The Sheraton Augusta, named the Sheraton of the Year for 2012, is situated on a 6.94acre site located at 1069 Stevens Creek Road in Augusta with amenities that include indoor/
outdoor heated pools, fitness facility, business center, meeting rooms, restaurant and a club
lounge. The property was constructed by Palmetto Hospitality and opened for guests in
The proceeds of this $13.7MM, 69% loan-to-value CMBS loan were used by the borrower,
Palmetto Hospitality, LLC, for the refinancing of a high-interest rate bridge loan that had been
used to take out the construction financing. The senior debt has a 10-year fixed term and a 30
year amortization schedule. Palmetto Hospitality’s principal, Dr. Harinderjit Singh, owns and
operates multiple other flagged hotel properties in Georgia. The non-recourse, permanent
financing will allow Dr. Singh to cut his debt service payments in a half on the Sheraton and
reduce his personal, contingent liabilities by $13.7MM, facilitating opportunities for construction
Commenting on the closing, a senior underwriter stated, “It was a pleasure to assist Dr. Singh
with this CMBS loan. While hospitality financing can be a challenge in the current market,
Terrace was able to structure a loan for this well-performing property at a competitive rate.
Terrace Capital’s success in this arena makes us a valued resource in the hotel industry, and we
are currently evaluating approximately $100MM in other hotel financing requests, including
several requests for new construction.”
About Terrace Capital
Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on
income-producing retail, office, industrial, multifamily, self-storage and hotel properties
throughout the continental United States.
The Firm is a leader in providing permanent mortgages and equity for wide range of real estate
For more information about Terrace Capital and the services it provides, go to