Meridian Capital Group Arranges $9.4 Million in Construction-to-Permanent Financing for a Holiday Inn Express Hotel Development in the Bronx, NY

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. April 19, 2016

NEW YORK, NY. April 19, 2016 - Meridian Capital Group, America's most active debt broker, arranged $9.4 million in construction-to-permanent financing for the development of a Holiday Inn Express located in the Bronx, NY on behalf of East End Hospitality Management.

The 18-month interest-only loan, provided by a balance sheet lender, converts to a seven-year permanent loan at a fixed-rate of 5.25% upon receipt of the certificate of occupancy. This transaction was negotiated by Meridian Managing Director, Tal Bar-Or and Associate Beau Williams, who are both based in the Company's New York City headquarters.

The Holiday Inn Express became stalled in the middle of construction and required further capital to complete the build out. The project began in 2008 and experienced periods of stagnation due to economic conditions. The hotel is conveniently located at 500 Exterior Street, right off I-87 and offers easy access to Manhattan via the 145th Street and Madison Avenue Bridges. The newly built Holiday Inn Express will total 85 rooms once complete. In addition, the property is minutes away from Yankee Stadium and the Bronx Terminal Market, a shopping mall with over one million square feet of retail space.

“We are pleased to have worked with the lender to tailor a loan that enables the sponsor to complete construction of the hotel and provides them with an option for permanent financing upon completion,” said Mr. Bar-Or. “We are confident that with this financing, East End will be able to quickly add another excellent property to their portfolio of quality hotels,” he added.

Founded in 1991, Meridian Capital Group is America's most active debt broker and one of the nation's leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world's leading real estate investors and developers and the company's expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. www.meridiancapital.com

Contact:
Jonathan Stern
Meridian Capital Group
[email protected]
212/972-3600

Jonathan M. Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
[email protected]
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com