17 Old Gick Road, Saratoga Springs, NY, 12866 and Golden Coral Buffet and Grill, 15 Old Gick Road, Saratoga Springs, NY 12866
We have available a sub-performing loan on a hotel and restaurant in New York.
The asset is a $9.4 million sub-performing senior mortgage loan (the "Loan") that is in maturity default and collateralized by an 83-room limited-service hotel and an adjacent 9,700 square foot franchised restaurant located in the "Capital District" of New York State (the "Property" or "Collateral").
Following a maturity default, the borrower continues to make monthly payments in an amount that is reflective of the pre-maturity/pre-default payments. Notwithstanding the payments, the Loan continues to accrue at the default rate of interest. The hotel originally opened in 2005 and was subsequently renovated in 2016 following the completion of certain brand-required improvements. The buildings are situated on a single parcel of land totaling seven (7.00) acres. The subject hotel features an indoor pool, fitness center, business center, guest laundry and 1,500 square feet of meeting space.
The hotel operates under the Choice Hotels International franchise and has a term through June 27, 2026. The restaurant franchise agreement was originally executed July 2, 2001 and structured with a 15-year term, followed by two, 5-year options. It is presently in its first option period.
Must sign confidentiality and fee agreements.
If interested, please contact to sign NCND and receive Full Package:
Re/Max Olson Commercial