Bethesda, Md.- Walker & Dunlop, Inc. announced that it structured a $14,224,000 senior loan for the acquisition and future repositioning of the 191-key Holiday Inn Newark Airport. Ideally situated across the street from Newark Liberty International Airport, in New Jersey, the hotel caters to both leisure and business travelers.
Led by Vice President Jeff Baik, the Walker & Dunlop team secured a non-recourse, fixed-rate bridge loan at 77.5 percent loan to cost from a regional bridge lender on behalf of the client, who is 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 over the next few years.
“We were very pleased to win this financing assignment. 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. We continue to witness surges in demand in the U.S. hospitality market, which reflect the vibrant growth in both business and leisure travel,” said Mr. Baik.
Positioned just five minutes from one of the busiest airports in the nation, the property will include a number of hotel amenities well-suited for travelers such as an on-site business center, a complimentary fitness center, on-site guest self-laundry, and a cocktail lounge.