Meridian Capital Group, America’s most active dealmaker, arranged $7.8 million in financing for the refinance of the Clarion Hotel & Conference Center located in Toms River, NJ, on behalf of 85 Venture Group.
The 10-year loan, provided by a local savings bank, features a fixed rate of 4.75%. This transaction was negotiated by Meridian Managing Director, Jim Bologno and Senior Vice President, Scott Jackson, who are both based in the company’s Iselin, NJ office.
The Clarion Hotel & Conference Center, located at 815 Route 37 West, is a two-story, 100-room hotel, conveniently situated in the heart of Toms River, NJ. Hotel amenities include an outdoor pool, an exercise room, an in-house restaurant, and a spacious business and events center. The hotel is a short distance from the Garden State Parkway and guests enjoy close proximity to a variety of attractions, including the Pine Belt Arena, the Island Beach State Park, Seaside Heights Boardwalk and Beaches and the Point Pleasant Beach and Boardwalk.
“Hotel loans are often financed via the CMBS market,” explained Mr. Jackson. “Meridian’s strong lender relationships in this market aided in identifying a local balance sheet lender that valued the ownership’s knowledge and experience and provided a long-term fixed-rate loan at substantially lower pricing than similar CMBS loans in today’s market.”
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com