EAST RUTHERFORD, NJ-The owners of the Residence Inn East Rutherford have picked up $16 million in fixed-rate, permanent financing for the 133-key hostelry. The funding covers recent improvements to the property, "to conform to the new Residence Inn by Marriott prototype," says a spokesman.
Capmark Finance funded the loan for borrower East Rutherford Lodging LLC, a local group, with VP Chris Clark of Capmark's McLean, VA office originating the transaction. Further details of the loan were not available.
"We have financed numerous Residence Inn products," Clark says. "Our experience in hospitality and our relationship with the client enabled us to provide competitive pricing in this transaction."
Concord Hospitality Enterprises Co. of Raleigh, NC manages the property for the ownership and Concord partners Mark Laport and Richard Branca have worked with Capmark in previous financing transactions totaling more than $220 million. The hotel is situated on four acres within a 13-acre site owned by Branca, who has developed the other nine acres with two industrial buildings totaling 187,000 sf.
The property includes a small meeting area, as well as indoor swimming pool and spa and full kitchens on all guestrooms. Also on-site are a convenience store, high-speed Internet access and a variety of exercise facilities.
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