NGKF Gets $20M Refi for Iron Horse Hotel

MILWAUKEE—NGKF Capital Markets has just secured a $19.5 million first-mortgage loan with Starwood Mortgage Capital to refinance the 100-room, boutique Iron Horse Hotel at 500 W. Florida St. in Milwaukee. NGKF officials say they discovered a great deal of lender interest in the property, a reflection of both the hotel market in general, and the reputation of the Iron Horse, a popular attraction since it opened on the eve of the recession.

“Hotel performance has been very strong over the past 24 months,” NGKF senior managing director Ben Greazel, who arranged the financing, tells GlobeSt.com. And the Iron Horse is “the top performing hotel in the market.”