September 9, 2019
Walker & Dunlop structured a $14,224,000 senior loan for the acquisition and future repositioning of the 191-key Holiday Inn Newark Airport. Situated across the street from Newark Liberty International Airport in New Jersey, the hotel caters to both leisure and business travelers.
Led by VP Jeff Baik, the Walker & Dunlop team secured a non-recourse, fixed-rate bridge loan at 77% loan to cost from a regional bridge lender on behalf of the client, an experienced hotel investor.
The financing provided capital to acquire the asset and allocated additional funding to execute the borrower’s business plan, which entails extensive renovations and a comprehensive repositioning of the property.
“This transaction presents an exceptional opportunity for our client to acquire a very desirable asset in one of the top-performing airport markets in the country, and to enhance the value of the hotel with very attractive terms and leverage point,” said Baik.
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