PHOENIX – October 25, 2018 – Berkadia today announced the $30.5 million financing for Residence Inn Boise Downtown/City Center. Director Adrienne Kautzman of Berkadia’s Hotels and Hospitality team secured the permanent financing for borrower Pennbridge Lodging. The deal closed on October 22.
The non-recourse 10-year loan features a highly competitive fixed rate.
“This is the second deal we’ve financed in downtown Boise this year, demonstrating the ongoing strength of the city’s economy, which is creating more demand for sophisticated extended stay offerings like the Residence Inn Downtown/City Center,” said Kautzman. “The financing allowed Pennbridge to benefit from Berkadia’s lending relationships and knowledge of the hospitality finance market to reduce long-term capital costs and drive higher returns to their investors.”
With a variety of rooms and suites, Residence Inn Boise Downtown/City Center is located at 400 South Capitol Boulevard, offering access to downtown Boise, the Idaho State Capital Building, Boise Centre, Boise State University and the Boise Zoo. Guests can enjoy free Wi-Fi, a 24-hour fitness center, a business center, an indoor pool and a lobby bar.