Meridian Capital Group, America’s most active debt broker, arranged $9 million in financing for the refinance of the Hampton Inn Manheim located in Manheim, PA.
The five-year loan, provided by a balance sheet lender, features a fixed rate of 4.87% and was negotiated by Meridian Vice President, Josh Munk, who is based in the company’s Iselin, NJ office.
The Hampton Inn Manheim, located at 2764 Lebanon Road, is a four-story, 95-key hotel. The property features spacious guest rooms and suites with wireless internet connection in each room. On-site amenities include a business center, laundry facility, fitness center, a pool and a large events and meeting room. The Hampton Inn Manheim is situated directly off of the Pennsylvania Turnpike and is located in the heart of Pennsylvania Dutch Country, where visitors enjoy close proximity to various tourist attractions, including Hershey Park, Sturgis Pretzel Factory and Tanger Outlets Lancaster.
“It has become a challenge to arrange financing for seasonal assets, such as hotels because of increasingly strict bank regulations,” explained Mr. Munk. “While CMBS dynamics allow for hotels to be placed in large loan pools with a variety of loan sizes and property types, it is more difficult to negotiate balance sheet loans for hotel assets,” he added. “Despite the challenges we faced, Meridian’s strong lender relationships allowed us to identify the optimal lender in the market and close at a lower rate than originally quoted with added proceeds.”
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