Dealmaker: G.S. Wilcox & Co. Secures $51M in Three States
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.
