Walker & Dunlop Arranges $14M Acquisition, Construction Loan for Hotel in Newark, New Jersey
NEWARK, N.J. — Walker & Dunlop has arranged a $14 million loan for the acquisition and redevelopment of a 191-room Holiday Inn in Newark. The property is situated across the street from Newark Liberty International Airport, and amenities include a fitness center, self-laundry and cocktail lounge. The borrower, a hotel investor, plans to extensively renovate and reposition the property over the next few years. A regional bridge lender provided the non-recourse, fixed-rate bridge loan at 77.5 percent loan to cost. Jeff Baik of Walker & Dunlop arranged the loan, the term of which was undisclosed.