Glendale hotel at Westgate refinances with $10.8M loan

Special to Independent Newsmedia

Walker & Dunlop has arranged a $10.8 million loan to refinance the 100-key Aloft Hotel in Glendale.

Walker & Dunlop’s Phoenix Capital Markets team, led by Jim Pierson and Keaton Merrell, arranged the refinance on behalf of client HCW Development and a correspondent life insurance company as the lender. The team successfully secured a 15-year loan with a fixed-rate five-year term and a 30-year amortization.

The Aloft Glendale, 6920 N. 93rd Ave., is in the Westgate Entertainment District near State Farm Stadium, Tanger Outlets, Desert Diamond Arena, plus shopping and dining.

“It was a pleasure working with HCW, one of our top clients, for the refinance of the Aloft Glendale,” Pierson shared in a statement. “The loan closing process was seamless. The new loan allowed the sponsor to pay off a high interest rate construction loan and lock in a much lower fixed rate loan.”