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LAKE MARY, FL-Florida-based RDA Investments Inc. has received a $25.75-million first mortgage loan from RockBridge Capital LLC of Columbus, OH to refinance the 304-room, three-year-old Marriott Lake Mary hotel, 20 miles north of Downtown Orlando. RDA also obtained an $8-million mezzanine loan from the same lender to recapitalize the property in 2002.
Principals at RDA and RockBridge couldn't be reached by GlobeSt.com's publication deadline to learn the length of the loan, its interest rate, estimated occupancy at the hotel and why the financing was done at this time. The property is located in the Colonial Heathrow suburban office park, off Interstate 4.
In a prepared statement, RockBridge managing director James T. Merkel says the first mortgage "provides a favorable basis in a new, strong-branded asset." Merkel calls the property "an excellent asset." RockBridge previously provided financing to RDA for the development of a Residence Inn in Avon, CT. RDA owns 13 hotels, five of them in metro Orlando.
Merkel says RockBridge principals, since 1993, have invested $600 million in 265 assets nationwide, with aggregate transaction capitalization topping $3.6 billion. The company originates bridge, first mortgage and mezzanine loans, and preferred equity investments, primarily in the hotel sector.
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