$9,800,000 bridge loan secured by a newly-constructed Hilton Home2 Suites Hotel at 5150 East Sam Houston Parkway South, Pasadena, Texas. The property was recently developed in 2016 and consists of 123 rooms on over 2.5 acres of land. The sponsors acquired the land in 2014 for $3,036,781. Construction of the hotel was completed and opened in December 2016. The proposed loan represents 60.8% of the total costs. Edgewood’s loan was used to payback existing debt on the property and provided a cash-out to the borrower. The loan is set to mature in April of 2019.
