Hospitality

NorthMarq Capital’s Orlando office arranges $3 million in construction financing for Hawthorn Suites in Kissimmee, Florida

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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.