NEWARK-National real estate investment company JohnsonCapital has arranged a construction loan for the ground-updevelopment of the new Courtyard by Marriott hotel in downtownNewark near the Prudential Center sports arena.

Chicago-based Tucker Development had recentlytopped off steel at the $35 million project, which will be thefirst new hotel in Newark in over forty years. Commenting onthe debt placement after construction had already begun,Lino DiLascio, a principal of Johnson Capital’sNew York City office says, “Given the importance of this site, thehighly structured financing, and the amount of time since a newhotel was developed in Newark, there were many challenges that hadto be overcome for this deal to be completed.”

He said the Johnson team, which included AllenOstroff, managing director and head of Johnson’s CapitalGlobal Hospitality, was able to get several banks interested. “Weended up with a loan and a lender ideally suited for this project,”says DiLascio, who identified the lender as a regional bank, butdid not disclose the name.