PHOENIX – July 18, 2018 – Berkadia today announced the $16.2 million financing for Hyatt Place Boise, a recently built select service modern hotel property in downtown Boise, Idaho. Director Adrienne Kautzman of Berkadia’s Phoenix office secured the permanent financing. The borrower was formed by Utah-based PEG Development and Idaho-based Rafanelli and Nahas.
The non-recourse long-term fixed rate loan features several years of interest only at a competitive rate.b
“The downtown Boise economy is strong and diverse with government, education, medical, business and leisure all providing demand to Hyatt Place,” said Kautzman. “The financing allowed the Sponsor to lock in an excellent fixed rate and recapture equity just days after being open for 12 months, much earlier than is typical for a newer hotel.”
With 150 total rooms and suites, Hyatt Place Boise is located at 1024 W. Bannock St., affording convenient access to downtown Boise, the Idaho State Capital Building, Boise State University and the Boise Zoo. Guests can enjoy a 24-hour fitness center, a business center, an outdoor pool and a restaurant.