a diversified value-add
real estate development company
Peer Interests made a $3.2m loan to Ark Hospitality to purchase a Quality Inn and a Super 8 Hotel in Erie, Pennsylvania. The loan is secured by a first mortgage, has a two year term without prepayment, and is at a 10% interest rate with four points paid at closing. The operator is an experienced hotel owner/manager who is implementing programs to improve rate, occupancy and operating margins.