Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $8,855,000 in financing for the acquisition of the Hampton Inn & Suites Artesia hotel, located at 2501 S. Permian Pavilion Ave in Artesia, New Mexico.
Tyler Waller, senior director, capital markets, based out of the firm’s Phoenix office, secured the financing on behalf of a private client. Josh Tammen, investment sales specialist for Marcus & Millichap, represented both the buyer and seller.
“Our client is actively expanding and seized the opportunity to acquire a Hilton-branded hotel in an emerging market,” said Waller. “Driven by strong travel demand, the hotel’s performance continues to thrive, and with our client’s management team stepping in to enhance operations, we expect even greater success in the near future. MMCC secured the balance sheet financing with a local bank at below-market rates, setting the stage for optimal cash flow.”
Terms of the 10-year loan include 3-years fixed interest with 25-years amortization and a 70% loan-to-value.
Built in 2016, the 81-key property is located adjacent to Route 82, providing direct access to downtown Artesia and Artesia Municipal Airport.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion. To learn more, please visit: marcusmillichap.com/financing.