Hospitality - Debt

NorthMarq Capital’s Phoenix office finalizes $7.8 million refinance for Grand Rapids, Michigan hospitality property

PHOENIX – Griffin Martin, vice president of NorthMarq Capital’s Phoenix based regional office, arranged the $7.8 million refinance of the Crowne Plaza, a 320-room, hospitality property located at 5700 East 28th Street Southeast in Grand Rapids, Michigan. The transaction was structured to refinance maturing debt while at the same time providing funding for property improvements. NorthMarq arranged financing for the borrower through its relationship with a national hospitality lender.

“We provided the client with a financing structure to meet their needs, which included lowering their current interest rate, money for brand required property improvements and accomplishing this with a very short closing time frame,” noted Martin.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.