Parkash Family Secures $9 Million Refinance Loan From Jake Soodek For Cherry Hill Hotel
2349 Marlton Pike
$9,000,000
$36/SF
Building Size
250,000 SF
Asset Type
Hotel
Closing
Jun 10, 2026
AI
The property asset involved in the context is a hotel located at 2349 Marlton Pike in Cherry Hill. It encompasses a total area of 250,000 square feet and includes 400 keys. The loan amount secured for this asset is $9,000,000 through a refinance option.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $9,000,000
- Lender: Jake Soodek - Hirshmark Capital
- Landlord: Parkash Family
- Market: Cherry Hill
The loan transaction is primarily facilitated by Jake Soodek, representing Hirshmark Capital, while the Parkash Family acts as the landlord in this deal. Their roles signify their importance in the execution of this refinancing arrangement.
Players
Cherry Hill Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93