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Aloft Gets $13M Construction Loan

JACKSONVILLE, FL-NorthMarq says financing is less difficult from local sources for smaller projects.

By Carl Cronan | Updated on October 14, 2008

( Click here for details on the next GlobeSt.com Webinar, “Hotel Operations: Solid Gold Strategies in a Down Market.”)

JACKSONVILLE, FL-NorthMarq Capital Inc. has arranged a $13-million construction loan for the 136-room Aloft hotel here. An executive involved in the deal says such loans are still being made for smaller projects through local sources that know the developers and properties best.

“All banks are struggling lately, but the smaller ones still have the ability to lend,” Dimpesh Darjee, vice president at NorthMarq’s Parsippany, NJ office, tells GlobeSt.com. He says Minneapolis-based NorthMarq has closed several deals involving limited-service hotels this year, with loans averaging around $15 million.

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