PARSIPPANY, NJ-Greg Nalbandian, managing director of NorthMarq's New Jersey regional office here, arranged a $3.36 million refinance of the Marriott Residence Inn in Willow Grove, PA.
Marriott has a 27-year ground lease if a 150-room, fully-renovated hotel property in Willow Grove. For the loan, a 5-year term with a 25-year amortization schedule was arranged through NorthMarq's relationship with a regional bank.
“The sponsor required a maximum loan-to-value mortgage with prepayment flexibility in the event they elected to sell the ground lease,” said Nalbandian.
“Working exclusively with this repeat borrower, NorthMarq was able to structure an 80% LTV, non-recourse, five-year loan well below 4% - with flexible prepayment that was completely open at par during the last two years of the loan,” he said.
NorthMarq provides mortgage banking and commercial loan servicing in 33 offices around the U.S.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
