X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

LAKE MARY, FL-Florida-based RDA Investments Inc. has received a $25.75-million first mortgage loan from RockBridge Capital LLC of Columbus, OH to refinance the 304-room, three-year-old Marriott Lake Mary hotel, 20 miles north of Downtown Orlando. RDA also obtained an $8-million mezzanine loan from the same lender to recapitalize the property in 2002.

Principals at RDA and RockBridge couldn’t be reached by GlobeSt.com’s publication deadline to learn the length of the loan, its interest rate, estimated occupancy at the hotel and why the financing was done at this time. The property is located in the Colonial Heathrow suburban office park, off Interstate 4.

In a prepared statement, RockBridge managing director James T. Merkel says the first mortgage “provides a favorable basis in a new, strong-branded asset.” Merkel calls the property “an excellent asset.” RockBridge previously provided financing to RDA for the development of a Residence Inn in Avon, CT. RDA owns 13 hotels, five of them in metro Orlando.

Merkel says RockBridge principals, since 1993, have invested $600 million in 265 assets nationwide, with aggregate transaction capitalization topping $3.6 billion. The company originates bridge, first mortgage and mezzanine loans, and preferred equity investments, primarily in the hotel sector.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.