IRVINE AND SILICON VALLEY, CALIF., – Dec. 15, 2016 – Ten-X, the nation’s leading online real estate marketplace, today announced the closing of Comfort Inn & Suites Pittsburgh, which sold on the Ten-X Commercial online platform for $14.1 million. Ten-X Finance arranged $10.5 million in financing through Deutsche Bank for the buyer, an individual investor. Paramount Lodging Advisors was engaged as exclusive broker on behalf of the seller and partnered with the Ten-X Commercial platform to secure more than 140 confidentiality agreements from qualified investors and successfully transact the asset.
Along with Ten-X Commercial helping to generate a pool of qualified applicants and source the eventual buyer, the Ten-X Finance platform was utilized to fund the acquisition, consisting of a 10-year term first mortgage with a 65-percent loan-to-cost. Shannon Stotts of Ten-X Finance sourced the debt from Deutsche Bank. Located at 180 Gamma Dr., Comfort Inn & Suites Pittsburgh is a 223-key, full-service hotel approximately 10 miles north of Downtown Pittsburgh in the RIDC Industrial Park. It is the only hotel permitted within the park.
“With the closing of Comfort Inn & Suites Pittsburgh, Ten-X Commercial proves its versatility as not only a proven platform for transacting real estate, but also one that can see an asset through every step of the sales process, from sourcing the best buyer all the way to financing,” said Managing Director of Ten-X Finance John Wilcox II. “When you combine Ten-X technology with its financing capabilities, you have a platform with global reach that allows investors and brokers to transact real estate online more easily and confidently than ever.”
Since its official re-launch in June, Ten-X Finance has quickly closed 12 transactions with numerous others in the pipeline set to close before the end of the year. Recent loans closed by Ten-X Finance include:
- An $8 million loan for a private investor’s purchase of a Courtyard by Marriott in Brunswick, Ga., through a regional bank
- A $5 million loan for a 361-bed Luxury Student Housing property in Cortland, N.Y., purchased by a private investor through a regional bank
- A $3.95 million loan for a private investor’s purchase of a Fairfield Suites in Manassas, Va., through a specialty hospitality lender
- A $2.24 million loan for a triple-net (NNN) Fifth Third Bank branch in Des Plaines, Ill., for a private investor, through a national bank
# # #
Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 260,000+ residential and commercial properties totaling more than $43 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit