CORAOPOLIS, PA–NorthStar Real Estate Income II, Inc. originated a $42.0 million senior loan secured by a 318-room Marriott-branded full-service hotel located in Coraopolis, Pennsylvania.
The property has a strong location approximately five miles from the Pittsburgh International Airport, 12 miles west of downtown Pittsburgh. The property is highly visible and easily accessed from the primary thoroughfare connecting the Pittsburgh central business district with the airport.
The property was recently renovated and the borrower plans to complete an additional $4.0 million in capital improvements using proceeds from the senior loan, for a total of $8.3 million in capital expenditures.
This investment represents the fourth transaction completed between the borrower and investment programs sponsored by NorthStar Asset Management Group Inc., NorthStar Income II's sponsor, totaling $154.5 million.
“We continue to build upon our existing relationships with established repeat borrowers to identify and source high-quality investments that are accretive to our portfolio,” says Daniel R. Gilbert, chief executive officer and president. “This loan further demonstrates our sponsor's ability to create flexible, custom-tailored solutions that foster meaningful long-term relationships with our borrowers.” NorthStar Income II's portfolio consists of ten senior mortgage loans with a combined principal amount of $550.2 million and one subordinate interest totaling $24.9 million, as of March 9, 2015.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
