BOSTON (March 11, 2015) – Matt Marshall, vice president of NorthMarq Capital’s Boston regional office arranged acquisition financing of $2.75 million for Holiday Inn Express & Suites, a 40,380 sq.ft. hospitality property located at 1575 North Sandusky Avenue. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
“The lender stepped up to deliver on a long term non-recourse loan for a hospitality asset in a tertiary market,” said Marshall. “Both lender and borrower realized the strong past performance and future potential of the asset and worked through some challenging hurdles to close. NorthMarq was happy to facilitate the financing and we look forward to future transactions with the parties involved.”