SAN DIEGO (February 6, 2017) – Aaron Beck, vice president and Steve Hollister, senior vice president of NorthMarq Capital’s San Diego office, arranged a $13.4 million bridge loan for a 200+ room hotel located in Phoenix, Arizona. The property will be reflagged in the upcoming months. The loan was structured with a floating rate, and interest-only payments. “The property is well-located within the Phoenix market with significant redevelopment in the immediate area. The new brand will maximize the property’s potential and take advantage of the increasing popularity of this submarket,” said Beck. “The loan structure allows for the future funding of the Property Improvement Plan along with additional earn-out dollars once certain income performance hurdles are met allowing the borrower to increase proceeds after the flag conversion has taken place and the business plan is fully executed. The lender was reasonable and flexible in working through issues related to the flag conversion and the cyclical nature of the Phoenix hospitality market,” added Hollister.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
