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Classic Auction - Hospitality

Non-performing note secured by a Full Service Airport Hotel

Philadelphia, PA

  • Asset Type
  • Note
  • Property Type
  • Hospitality
  • Land Area
  • 11.86 Acres
  • Year Built
  • 1990
  • Year Renovated
  • 2013
  • Number of Floors
  • 12
  • Parking Count
  • 371
  • Occupancy
  • 0%
  • Hospitality Type
  • Full Service
  • Number of Rooms
  • 349 Rooms
  • Function Space Area
  • 11,956 Sq Ft

Non-performing note secured by a Full Service Airport Hotel

RealINSIGHT Marketplace and HFF, L.P., as exclusive advisor, are pleased to present to qualified investors the opportunity to purchase a $33 million non-performing first-mortgage commercial loan (the “Loan”) collateralized by the 100% fee simple interest in a full-service lodging facility which benefits from its close proximity to the Philadelphia International Airport (the “Collateral”). Effective January of 2017, the seller’s petition for entry of default was granted via a judgment of mortgage foreclosure. As a result, the holder of the foreclosure judgment may proceed with scheduling the sheriff’s sale thereby allowing for expedited pursuit of title.

 

The Collateral, originally constructed in 1990, stands 12 stories tall and features 349 hotel rooms, 12,000 square feet of meeting space, two food and beverage facilities, a health club and an indoor pool. It is presently flagged by a top-tier franchisor through the term of their franchise agreement that expires in 2020.


Auctioneer: Michael Carr  AUC8509

CWCapital Markets and HFF are pleased to offer Seller Approved Financing Options

 

For details please contact:

Mark Popovich

Senior Managing Director

HFF

One Oxford Centre, Suite 1100

301 Grant Street, Pittsburgh, PA  15219

P: 412-281-8714 x 2026 | F: 412-281-2792

mpopovich@hfflp.com | www.hfflp.com

______________________________________

MARKET LEADING MORTGAGE BANKING FIRM

HFF is a leading mortgage banker in the U.S. and, as such, negotiates more debt transactions than any other intermediary

 

  • Significant experience across the entire capital stack

 

  • Unparalleled capital markets knowledge

 

  • Development of the most creative financing strategies

 

  • Leading market share with insurance companies at approximately 20% market share

 

  • Long established relationships with insurance companies, investment banks, foreign and domestic banks, agencies and pension funds

 

  • Provide clients with the most competitive terms and most reliable  executions

 

RANKED AS A TOP INTERMEDIARY BY NATIONAL REAL ESTATE INVESTOR 5 YEARS IN A ROW

Summation of HFF MBA Rankings (2016): Rankings are based on dollar volume placed with the various sources of capital

 

  • #1 for insurance companies since 2008

 

  • #2 for credit companies

 

  • #2 for CMBS

 

  • #3 for Fannie Mae

 

  • #3 for REITs/mortgage, REITs/Investment Funds

 

  • #4 for commercial banks/savings institutions

 

  • #4 for pension funds

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

Platform fee for this transaction is 5.00% or a minimum of $25,000.

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