TAMPA, FLORIDA (February 7, 2019) – Lauren Hanley, vice president and Bob Hernandez, senior vice president/managing director of NorthMarq’s Tampa-based regional office, arranged the $6.7 million refinance of a 112-key limited-service Hampton Inn by Hilton.
The property is located at 1737 Mountain Industrial Boulevard in Stone Mountain, Georgia within the Atlanta MSA. The non-recourse, floating rate bridge loan was structured with an interest-only initial term plus extension options.
“NorthMarq was pleased to secure the refinance on behalf of the client, an experienced hotel owner,” said Hanley. “The loan accommodated the borrower’s business plan, allowing for funding of ongoing improvements at the property and an equity recapitalization.”