RockBridge Loans Noble $6.5M for Hilton Garden Inn

JACKSONVILLE, FL-RockBridge Capital LLC has stepped in again for Atlanta-based Noble Investment Group, this time with a $6.5 million first mortgage loan for the three-year-old Hilton Garden Inn at the Deerwood Park office development.

The three-year, 7.08%-interest loan replaces the original first mortgage on the property which Noble developed for $9.4 million. The new loan follows RockBridge’s July 2002 closing of a $1.3 million mezzanine loan, later increased to $1.8 million.

At closing, RockBridge sold a senior participation in the first mortgage and retained the $1 million balance in the RockBridge Real Estate Fund LLC, RockBridge managing director James T. Merkel says in a prepared statement. “When combined with the original mezzanine load, the first mortgage loan originated by RockBridge represents 86.5% of the project’s total capitalization,” Merkel says.