NIAGARA FALLS, N.Y. — Aries Capital LLC has closed an $8.5 million CMBS loan for an 87-unit Holiday Inn Express in Niagara Falls, N.Y. Constructed in 2009, the property is the newest hotel in Niagara Falls and is owned by borrower Mohan Saran, who owns hotels with his partners in New York and South Carolina. The five-year, non-recourse loan includes a fixed interest rate and a 25-year amortization schedule. Eric Jones, vice president in the firm’s Chicago office, arranged the financing.
ALLENTOWN, PA. — HREC Investment Advisors has arranged the sale of the 124-guestroom Hampton Inn in Allentown. Ketan Patel, senior vice president, and Geoff Davis, president and senior principal at HREC, represented the seller in the transaction. The buyer, New York City-based Troutbrook/Freud Development, plans to complete a multi-million dollar renovation of the property. GE Capital provided the acquisition financing. Troutbrook/Freud Development has hired Marshall Hotels to manage the property. The hotel is located adjacent to Interstate 78 and is about 13 miles from the Lehigh Valley International Airport.
LONGVIEW, TEXAS — CBRE Hotels has brokered the sale of the 60-unit Comfort Suites in Longview. Located at 3307 N. 4th St., the hotel is in proximity to the Lake O’ the Pines reservoir. The three-story property features an indoor swimming pool, hot tub, exercise facility, meeting space, complimentary breakfast and wireless internet. Bert Stevens, Nate Sahn and James Johnson of CBRE represented the seller, Heritage Inn XII LP, in the transaction. Breiton Hospitality LLC, which purchased the asset, plans to maintain the current branding and will invest in upgrades.
MYRTLE BEACH, S.C. — Landmark Builders has begun construction on the new Hilton Garden Vacations Club in Myrtle Beach. The 24-story, 308,000-square-foot resort is the tallest high-rise under construction along the Mid-Atlantic coastline, according to Landmark. The resort will feature 220 residential units, 200-foot sky-lit atrium, five-story parking garage, fitness center, two full-service bars and multiple pools with direct access to the Myrtle Beach coastline. Landmark expects to wrap up construction in May 2015. Myrtle Beach-based Strand Capital is developing the property, and Garvin Design Group and tag Architecture are the project’s architects.
NORTON, VA. — HREC Investment Advisors has arranged the sale of the 120-room Inn at Norton in Norton, a town in western Virginia. The town is located 20 miles from the Kentucky state line and 45 miles from the Tennessee state line. The hotel recently joined the Quality Inn system. Ted Anka of HREC Investment Advisors’ Chicago office represented the seller in the transaction.
RED WING, MINN. — Marcus & Millichap has arranged the $2.2 million sale of Best Western Rivertown Inn & Suites, a 50-room hotel in Red Wing, a city in southeast Minnesota. Jon Ruzicka, an investment specialist, and Gordon Allred, first vice president at Marcus & Millichap, represented the buyer and the seller, both Minnesotata-based limited liability companies. Best Western Rivertown Inn & Suites is located at 752 Withers Harbor Drive.
NEW YORK CITY — The Carlton Group has arranged $815 million in construction and mezzanine refinancing for the development of Marriott International Inc.’s new luxury Edition brand hotel at 701 Seventh Ave. in Times Square. The financing includes a new $237.5 million mortgage and $315 million mezzanine loan. Marriott will operate the 452-room boutique hotel, which is owned by a partnership. Marriott agreed to purchase the hotel portion of the property for $314.6 million during the first two years after opening. The new Edition hotel will feature 30,000 square feet of food, beverage and entertainment space. Construction is slated for completion in 2017.
MIAMI — HFF has arranged $31.5 million in financing for two Palm Beach County Hampton Inn hotels in two separate transactions. Elliott Throne, Mike Kavanau and Alexandra Lalos of HFF arranged both fixed-rate loans with 10-year terms through Morgan Stanley Mortgage Capital Holdings Inc.
CHICAGO — Jones Lang LaSalle (JLL) has secured $43 million in construction financing for a 190-unit, boutique apartment building in Chicago’s West Loop submarket. JLL arranged $37.5 million in debt financing through First Merit Bank and an additional $5.5 million in equity from Oak Realty for JeffJack Investments LLC. Located at 601 W. Jackson Blvd., the site will include apartment units and ground-floor retail. Units will feature open floor plans, floor-to-ceiling windows, stainless steel appliances and modern fixtures. Construction will begin later this month with first occupancy by spring 2015. Dave Hendrickson, managing director, and Keith Largay, executive vice president, led the JLL team in the transaction.
NEW YORK CITY — Chesterfield Faring Ltd. (CFL) has arranged a $31 million loan for the refinancing of Hotel Americano, a 56-room hotel located at 518 W. 27th St. in Manhattan. Hotel Americano features a rooftop pool, two restaurants and three separate bars. Jordan Roeschlaub, Daniel Fromm and Jordan Shrier of Chesterfield Faring arranged the financing for an affiliate of Blackhouse Development. Chesterfield Faring Ltd. is a real estate investment banking firm specializing in real estate and corporate finance. Blackhouse Development is a real estate investment company specializing in the acquisition, development and operation of residential, office and hospitality assets based in New York City.
