PARSIPPANY, NJ-Greg Nalbandian, managing director of NorthMarq's New Jersey regional office here, arranged a $3.36 million refinance of the Marriott Residence Inn in Willow Grove, PA.
Marriott has a 27-year ground lease if a 150-room, fully-renovated hotel property in Willow Grove. For the loan, a 5-year term with a 25-year amortization schedule was arranged through NorthMarq's relationship with a regional bank.
“The sponsor required a maximum loan-to-value mortgage with prepayment flexibility in the event they elected to sell the ground lease,” said Nalbandian.
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