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CASE STUDY: Hospitality CMBS Loan Assumption

Hospitality CMBS Loan Assumption at Rosemont, IL

Property Type: Hospitality

City & State: Rosemont, IL

Current Loan Balance: $9.1MM

Resolution: Assumption

Total Days to Final Approval: Assumption

Date Completed: December 31, 2019

Master Servicer: Wells Fargo

Special Servicer: C-III Asset Management

Hart Advisors were engaged on November 9, 2019, by a client, to process an assumption, whose primary concern was to close the transaction by year-end for tax purposes. The buyer needed to furnish Hart with all relevant information required by the Master Servicer to process the assumption. The assumption package was prepared and submitted for review on November 26, 2019. Final approval was received by all parties on December 19, 2019.  We knocked it out of the park in 17 business days! Unheard of! Thank you to the director at Wells Fargo in charge of this transaction and to all other parties involved for the commitment and unfathomable focus it took to get this assumption closed by year-end. Congrats!


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