The new, non-recourse loan totals $37.0 million, the same loan amount as the previous loan, and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 4.00% with a 0.50% SOFR floor.
"We are pleased to be able to refinance this loan for the same loan amount and extend the maturity date on this high-quality property at an attractive spread in this challenging financing market," commented Rob Hays, Ashford Trust's President and Chief Executive Officer.
