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Johnson Capital Secures Construction Loan for Newark Marriott Hotel

NEWARK-The $35 million project beside ‘The Rock’ is the city’s first new hotel in 40 years.

By Antoinette Martin | Updated on March 16, 2012

NEWARK-National real estate investment company Johnson Capital has arranged a construction loan for the ground-up development of the new Courtyard by Marriott hotel in downtown Newark near the Prudential Center sports arena.

Chicago-based Tucker Development had recently topped off steel at the $35 million project, which will be the first new hotel in Newark in over forty years.  Commenting on the debt placement after construction had already begun, Lino DiLascio, a principal of Johnson Capital’s New York City office says, “Given the importance of this site, the highly structured financing, and the amount of time since a new hotel was developed in Newark, there were many challenges that had to be overcome for this deal to be completed.”

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