Eastern Union has successfully secured $20.4 million in refinancing for the conversion of a six-story, 137-unit hotel located in Plano. The deal was expertly managed and originated by Meir Abrahamson, a senior loan consultant at Eastern Union.
Formerly known as Deluxe Inn and previously operating as Comfort Inn, this property boasts single-loaded interior corridors, brick veneer walls and wooded surroundings. It was originally built in 1984 but underwent renovations in 2005. The seller of the property is Maheshbhai T.Patel.
The hotel sits on a spacious 2.27-acre parcel at 700 Central Parkway East and will soon be transformed into Parkdale Senior Living community once the conversion is complete by mid-2026.
This financing package includes two loans that were provided through the SBA (Small Business Administration)504 program.The first loan amounts to $15,779,000 which will serve as primary permanent financing with an interest rate set at WSJ Prime +2.75%, adjusted quarterly.The second mortgage is a bridge loan worth $4,669000 with an identical interest rate to that of the primary loan.
