New Bronx Hotel Developments Land $18M
- Nov 09, 2017
Meridian Capital Group has arranged $18 million in construction financing for the development of a Best Western and Sleep Inn hotels, located in the Belmont neighborhood of the Bronx, on behalf of a prolific hotel developer.
The 24-month construction loan, provided by a savings bank, features full-term, interest-only payments. Meridian was able to arrange this financing with a lead bank and a participant bank structure. Financing was arranged by Senior Vice President Eli Finkel and Vice President Eli Serebrowski.
The Best Western and Sleep Inn site will comprise two side-by-side six-story hotels, totaling 176 keys. The property’s central location is in close proximity to the Bronx Zoo and New York Botanical Garden.
“Meridian successfully arranged bank financing in a capital markets environment where banks are scaling back on ground-up construction, especially for hotel projects,” said Finkel, in a prepared statement. “By truly understanding the market and value creation strategy, in addition to the strength of the sponsor, we were able to effectively market this opportunity on behalf of the client and negotiate the required loan amount with a lead bank and participant bank.”
Recently, Meridian Capital Group also arranged $195 million in bridge financing on behalf of Preylock Real Estate Holdings for the acquisition of seven triple-net leased office buildings in Santa Clara, Calif.
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