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.