Eastern Union has successfully secured $20.4 million in refinancing for the conversion of a six-story, 137-unit hotel located in Plano. Meir Abrahamson, a senior loan consultant with Eastern Union, was responsible for originating and managing this transaction.
The property was previously operating as the Deluxe Inn but was formerly known as Comfort Inn. It boasts single-loaded interior corridors, brick veneer exterior, and wooded surroundings. The building dates back to 1984 but underwent renovations in 2005. The seller of the property is Maheshbhai T.Patel.
Situated on a spacious 2.27-acre parcel at700 Central Parkway East,the hotel will soon be transformed into Parkdale Senior Living.The conversion process is expected to be completed by mid-2026.
This financing package includes two loans that were obtained through the SBA504 program.The primary loan amounts to $15,779,000 and carries an interest rate equaling WSJ Prime +2/75 percent which will be adjusted quarterly.A bridge loan worth $4,6690was also secured with an identical interest rate as that of the primary loan.
