Opal Hotels Secures $13.5 Million Refinance Loan For 125-Room Hotel In Mount Arlington

The property involved in this transaction is a 125-room hotel located at 15 Howard Boulevard in Mount Arlington, New Jersey. Opal Hotels, the landlord, secured $13.5 million in refinancing for the property, which was acquired in 2019 and underwent extensive renovations. The financing is structured as a floating-rate loan through a regional bank, providing the option for Opal Hotels to prepay or switch to a fixed rate without incurring a penalty.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $13,500,000
• Loan Type: Refinance
• Loan Terms: floating rate
• Landlord: Opal Hotels
• Address: 15 Howard Boulevard
• Market: Mount Arlington, NJ
• Broker: David Turley - Cronheim Hotel Capital
• Asset Keys: 125

David Turley represented Opal Hotels in this transaction through Cronheim Hotel Capital, a firm that specializes in hotel financing. This arrangement highlights the collaboration between Opal Hotels and Cronheim as they facilitated the refinancing process, showcasing their previous investment and renovation efforts on the property.