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BDG Hotels Secures $14.6 Million Construction Loan For Marriott TownePlace Suites In Lyndhurst

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FINANCED
$14,600,000

New Jersey

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Development Site
Financed 08/26/2024
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Property Image
FINANCED

BDG Hotels Secures $14.6 Million Construction Loan For Marriott TownePlace Suites In Lyndhurst

1201 Wall Street West

See Similar Deals
Development Site
Financed 08/26/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 1201 Wall Street West in Lyndhurst. The site is poised for the construction of a Marriott TownePlace Suites hotel, which will feature 128 rooms. The project is managed by BDG Hotels and is anticipated to be completed by late 2025 or early 2026. The construction loan secured for this project amounts to $14,600,000.

Summary of transaction details:

David Turley from Cronheim Mortgage represented the broker in this transaction, facilitating the construction loan for the development site that will host the Marriott TownePlace Suites hotel. This deal enhances the growth potential for the area while providing a hospitality option expected to serve the needs of both business and leisure travelers.

Players

David Turley
Cronheim Mortgage
David Turley
8 deals$130.3M volume
BROKER

Details

FINANCED
IMAGE: David Turley DATE: 08/26/2024 ADDRESS: 1201 Wall Street West MARKET: Lyndhurst ASSET TYPE: Development Site LANDLORD: BDG Hotels BROKER: David Turley - Cronheim Mortgage (@Cronheim_Mortgage) LOAN AMOUNT: $14,600,000 LOAN TYPE: Construction NOTE: Cronheim Mortgage secured a $14.6 million construction loan for a Marriott TownePlace Suites hotel in Lyndhurst, Northern New Jersey. The 128-room project, managed by BDG Hotels, is expected to be completed by late 2025 or early 2026.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$14,600,000.00

Monthly NOI$97,333.33
Monthly Debt Service$92,281.93
Change in Cash Flow$0.00
Refinance Proceeds$0.00