CORAOPOLIS, PA–NorthStar Real Estate Income II, Inc. originated a $42.0 million senior loan secured by a 318-room Marriott-branded full-service hotel located in Coraopolis, Pennsylvania.
The property has a strong location approximately five miles from the Pittsburgh International Airport, 12 miles west of downtown Pittsburgh. The property is highly visible and easily accessed from the primary thoroughfare connecting the Pittsburgh central business district with the airport.
The property was recently renovated and the borrower plans to complete an additional $4.0 million in capital improvements using proceeds from the senior loan, for a total of $8.3 million in capital expenditures.
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