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Local Developer Building Two Outstate Hotels

CHICAGO-Loans for more than $20 million go for a Residence Inn in Florida and a new Courtyard by Marriott in Washington, DC. In all, the deal represents nearly 350 rooms.

By Gina Kenny | Updated on January 28, 2007

CHICAGO-Cohen Financial has secured more than $20 million in financing for Marriott hotels in Tallahassee, FL and Washington, DC. The real estate capital services firm secured $14.5 million in permanent financing for a Residence Inn by Marriott, located at 1880 Raymond Diehl Rd. in Tallahassee, and $8.8 million for land acquisition for a Courtyard by Marriott to be located at the intersection of Florida and New York avenues in Washington, DC.

Both loans were secured by Cohen Financial for “a prominent Marriott developer located in the Southeast,” says Benjamin Greazel, a director in Cohen Financial’s office in Skokie, IL. He would not reveal further information on the developer. Each of the loans was 75% loan-to-value, Greazel says.

The Residence Inn by Marriott opened earlier this month with approximately 130 rooms, he says. Countrywide Financial is the lender for the $14.5 million in permanent financing. The permanent financing is a non-recourse loan with a term of 10 years, Greazel says. The transaction closed earlier this month. The interest for the loan is less than 6% with only interest being paid for the first three years of the 10-year term, he says.

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