Main Street Registry

Courtyard by Marriott

Lafayette, IN · Hotels (except Casino Hotels) and Motels · NAICS 721110

Courtyard by Marriott in Lafayette, IN operates in the hotels and motels industry (NAICS 721110). The business financed real estate or equipment through an SBA 504 loan of $2,327,000, approved on November 30, 2023, with The Huntington National Bank as the lender and SomerCor 504, Inc. as the certified development company.

SBA 504 loan, approved Nov 30, 2023

$2,327,000 SBA portionCDC: SomerCor 504, Inc.25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$2,327,000
Bank portion
$4,367,800
Estimated project size
$7,438,667 (estimated)
Estimated owner equity
$743,867 (estimated, about 10% of the project)
Bank lender
The Huntington National Bank, Columbus, OH
CDC
SomerCor 504, Inc.
Processing method
504 Refinancing: refinances existing business debt
Term
25 years (300 months)
Estimated maturity
November 30, 2048 (estimated, approval date plus term)
First disbursement
Mar 13, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
10
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Tippecanoe County, IN
SBA district office
Indiana District Office
Congressional district
IN-4
Collateral
Yes

Estimated share of project by source

Bank 59% SBA (CDC) 31% Owner 10%

  • Larger than 42% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in Indiana: $2,227,963.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Indiana