HARRISBURG, PA-Llenrock Group, a real estate investment firm in Philadelphia, has secured a total of $9.75 million in permanent financing for a Courtyard by Marriott in Harrisburg. The loan was provided by Bank of America Merrill Lynch.
“Though it is customary for the lender to review the prior 14 to 24 months of loss/profit data, the lender only reviewed records for the previous 12 months because of the hotel’s strong performance,” says Andrew Benioff, Llenrock’s founder and managing partner, in a statement.
The four-story, 103-room Courtyard by Marriott Harrisburg West is located about two hours west of Philadelphia, just off Route, 15 close to I-76 (the PA Turnpike). Situated near the State Capitol and Pennsylvania Dutch country, the hotel is a short drive from recreation and shopping venues such as Hershey Park, Roundtop Mountain Resort, and the Hershey, Gettysburg and Lancaster Outlets.
Benioff says in the release that his firm has previously not focused on the central Pennsylvania market, although it did line up $8.9 million in permanent financing for another local Marriott property in April 2011. “But it has shown surprising fundamentals and resiliency over the last few years,” Benioff adds. The market’s strength and borrower AVA Development’s experience and background made for a successful deal, he says.
This was Llenrock’s third transaction with Arizona-based AVA, Benioff adds in the release. “Even with the normal speed bumps you might hit in any transaction, the AVA team is always composed and cool under pressure,” he says. “They are well organized and have the backup material needed to overcome any issue presented.”
The Llenrock founder is also one of the founding members of the Philadelphia Real Estate Council, a real estate think tank and networking group formed of senior executives in all aspects of the Philadelphia regional commercial real estate industry.
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