MHI Hospitality Corporation Completes $12.2 Million, 6.24% Percent, Secured Debt Financing

WILLIAMSBURG, Va.--(BUSINESS WIRE)--MHI Hospitality Corporation (NASDAQ: MDH) (“MHI” or the “Company”) today announced that it has successfully executed a new $12.2 million secured loan with Goldman Sachs Commercial Mortgage Capital, L.P., collateralized by a first mortgage on the Sheraton Louisville Riverside Hotel in Jeffersonville, Indiana. The loan is non-recourse and carries a term of five years with an annualized interest rate of 6.2415% and will amortize on a 25-year schedule. Proceeds from the loan were used to pay down indebtedness under the Company’s existing credit facility.