Dealmaker: G.S. Wilcox & Co. Secures $51M in Three States
Tucker, Michael email@example.com
G.S. Wilcox & Co., Morristown, N.J., arranged $51 million for three hotels and an apartment property in Alabama, North Carolina and New York.
President Gretchen Wilcox and Principal Al Raymond arranged a $24 million first mortgage for three Alabama and North Carolina hotels. They placed the loan with the Minnesota Life Insurance Co., a G. S. Wilcox & Co. correspondent lender.
The portfolio includes an 88-room Hampton Inn & Suites and a 102-room Hilton Garden Inn in Alabama as well as a 112-room North Carolina Hilton Garden Inn. The seven-year non-recourse loan has a 25-year amortization schedule.
Wilcox and Raymond also arranged $27 million for a 160-unit apartment asset in Newburgh, N.Y.
The life company loan financed Summit Lane Luxury Apartments for owners Fidelco Realty Group and Diversified Realty Advisors. Loan terms include a 15-year fixed-rate term with an interest-only period and a 30-year amortization schedule thereafter. The loan funded prior to stabilization and the lender committed to provide further proceeds when phase two--which will add 29 more units--delivers.
Wilcox said this community near the intersection of Interstates 84 and 87 delivers apartments to a market that has not seen new construction in many years.