NorthMarq Capital arranges a $13.4 million bridge loan for Phoenix hotel
Phoenix Hotel
SAN DIEGO (February 6, 2017) – Aaron Beck, vice president and Steve Hollister, senior vice president of NorthMarq Capital’s San Diego office, arranged a $13.4 million bridge loan for a 200+ room hotel located in Phoenix, Arizona. The property will be reflagged in the upcoming months. The loan was structured with a floating rate, and interest-only payments. “The property is well-located within the Phoenix market with significant redevelopment in the immediate area. The new brand will maximize the property’s potential and take advantage of the increasing popularity of this submarket,” said Beck. “The loan structure allows for the future funding of the Property Improvement Plan along with additional earn-out dollars once certain income performance hurdles are met allowing the borrower to increase proceeds after the flag conversion has taken place and the business plan is fully executed. The lender was reasonable and flexible in working through issues related to the flag conversion and the cyclical nature of the Phoenix hospitality market,” added Hollister.
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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.
