ORLANDO (October 2, 2017) – Melissa Marcolini Quinn, senior vice president/managing director and Brad Downing, vice president of NorthMarq Capital’s Orlando office, arranged $3 million in construction financing for Hawthorn Suites, a 108-room hospitality property located at 3010 Reedy Creek Boulevard in Kissimmee, Florida. The transaction was structured with a 2-year interest only term. NorthMarq arranged financing for the borrower through a private debt fund.
“The deal was a gut rehab of a 108-room failed hotel/condo conversion,” explained Marcolini-Quinn. “Our client reached out to us mid-construction to source a lender to provide capital for construction completion. Despite the legal and logistical issues involved with this transaction, we were able to find a lender who got comfortable with the deal due to our client’s significant equity position and proven track record of hotel repositioning.”