CBRE CAPITAL MARKETS ARRANGES $22 MILLION HOTEL ACQUISITION LOAN

NORWALK, CONN. — CB Richard Ellis (CBRE) Capital Markets has arranged $22 million in acquisition financing for the DoubleTree Hotel located at 789 Connecticut Ave. in Norwalk. The eight-story, 265-room hotel features a full-service restaurant and lounge, a ballroom with 6,200 square feet of meeting space, a 24-hour fitness center with an indoor pool, a shuttle service, on-site car rental, valet dry cleaning and laundry service, and a three-story parking garage. Additional amenities include wireless Internet access, rooms with standard king or double queen beds, and suites with Jacuzzi tubs. The loan carries a 7.07 percent fixed interest rate, a 5-year term with a 25-year amortization schedule, and a 70 percent loan-to-value ratio. Financing was arranged by Keith Braddish and Jason Gaccione of the New York City office of CBRE Capital Markets through a life insurance company.