NEWARK-National real estate investment company Johnson Capital has arranged a construction loan for the ground-up development of the new Courtyard by Marriott hotel in downtown Newark near the Prudential Center sports arena.

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

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.