NorthMarq Capital’s Phoenix office finalizes $7.8 million refinance for Grand Rapids, Michigan hospitality property
Crowne Plaza
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
