Hospitality - Debt

NorthMarq Capital arranged $3.36 million mortgage for ground lease to Marriott Residence Inn in Willow Grove, Pennsylvania

PARSIPPANY (May 8, 2013) – Greg Nalbandian, managing director of NorthMarq’s New Jersey regional office, arranged a first mortgage loan in the amount of $3.36 million for the refinance of a 27 year ground lease to a 150 room, fully renovated, limited service Marriott Residence Inn. Financing was based on a 5-year term with a 25-year amortization schedule through NorthMarq’s relationship with a regional bank. “The sponsor required a maximum LTV loan with prepayment flexibility in the event they elected to sell the ground lease,” said Nalbandian. “Working exclusively with this repeat borrower, NorthMarq was able to structure an 80% LTV, non-recourse, five-year loan well below 4.0% with flexible prepayment that was completely open at par during the last two years of the loan.”

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.