Meridian Capital Group, America’s most active debt broker, arranged $27 million in financing for the Residence Inn Secaucus Meadowlands hotel and $14.5 million in financing for the Courtyard Orlando South hotel in Orlando, FL, on behalf of Concord Hospitality.
The five-year, LIBOR-based, floating-rate, non-recourse loans, provided by a balance sheet lender, were negotiated by Meridian hospitality finance specialist, Beau Williams, who is based in the company’s New York City headquarters.
The Residence Inn Secaucus Meadowlands, located at 800 Plaza Drive in Secaucus, NJ, is a newly constructed 154-room hotel, conveniently situated off of U.S. Route 3 and the New Jersey Turnpike, with direct access to The Plaza at Harmon Meadow and a 30-minute drive from New York City. The property is in close proximity to several large demand generators, such as MetLife Stadium and Newark Liberty International Airport. Hotel amenities include spacious studio, one-, and two-bedroom suites with separate living rooms and bedrooms, fully equipped kitchens, free internet access and a state-of-the-art fitness center. The hotel also offers two event spaces, totaling 828 square feet.
“Concord sought to refinance the two recently constructed hotels,” explained Mr. Williams. “The challenge was that both hotels were built on ground leases and the financing needed to be non-recourse. Additionally, the current market for financing hospitality assets is tighter than it has been for the past several years,” he said. “Concord’s outstanding reputation and experience in operations, along with the strong performance by both hotels, made it possible for Meridian to tailor a non-recourse structure with very favorable economics.”Related Articles: