Cronheim Mortgage Arranges $13.2M Refinancing Loan For Two Northern New Jersey Hotels

The asset involved in this transaction includes two hotels located at 1275 US Highway 1 and 1295 US Highway 1 in Avenel, New Jersey. The properties consist of a total of 191 keys, which includes the 101-room Comfort Suites and the 90-room Fairfield Inn & Suites. The refinancing loan amounts to $13,200,000 with a term of five years at a fixed rate.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $13,200,000
• Loan Terms: five-year fixed-rate
• Market: Avenel
• Assets: 191 Keys (101-room Comfort Suites and 90-room Fairfield Inn & Suites)
• Brokers: David Turley - Cronheim Mortgage

Cronheim Mortgage facilitated the refinancing loan for the two hotel properties. The borrower intends to convert the Comfort Suites into a 96-room TownePlace Suites, utilizing the loan to support the refinancing and property transition.