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