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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/01/2019
Property Type
Hotel
Property City
Detroit
Property State
MI
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
105
Deal Summary
Ontario Wealth Management Corporation, a Toronto-based commercial real estate loan origination and servicing company, funded a $5,000,000 1st lien position bridge loan secured by a hotel in Detroit, MI. Owemanco provided PIP Financing secured by a 105-room Holiday Inn Express in an upper-class suburb northwest of Detroit, MI. The Hotel operates under a 15-year renewed license agreement with IGH, a brand that spans 850,000 rooms worldwide. This CRE refinance bridge loan was funded in March 2019.
Funded By
Ontario Wealth Management Corporation
Direct Lender for Commercial Real Estate Bridge Loans