HILTON GARDEN INN SECURES $24M REFINANCING LOAN

MELVILLE, N.Y. — NorthMarq Capital has arranged a $24 million refinancing loan for the Hilton Garden Inn, a 178-room hotel in Melville. The loan represents the second phase of a 350-room hotel development, which is owned by the principals of the borrower, Melville Equity Partners. Phase I of the project opened in 2004. Ernest DesRochers of NorthMarq arranged the 10-year loan through a CMBS lender.