Firm secures attractive financing terms on 5-year mortgage
New York, NY and Palm Beach, FL – (Feb. 25, 2016) — Hospitality Funding Inc., a Palm Beach-based boutique financial advisory firm, has facilitated a 5-year, $20.00 million loan for the acquisition of the Marriott Burr Ridge in Burr Ridge, Illinois.
The fixed-rate loan is secured by the 184-room hotel with over 10,000 square feet of meeting space at 1200 Burr Ridge Parkway. The equity was capitalized with an overseas investor and Interstate Hotels & Resorts will manage the hotel.
The Burr Ridge transaction is the first closing since Hospitality Funding formed a strategic alliance with leading global hotel management company Interstate Hotels & Resorts in January 2016. The companies have worked together on various debt and equity sources since 2010, and as part of the strategic alliance Hospitality Funding is now assisting Interstate’s clients with their capital market needs for hotel projects.
Hospitality Funding President Steven Fischler, a former Lehman Brothers executive handled the transaction on behalf of the firm.
“While the debt markets have been challenging in 2016, Hospitality Funding was still able to executive an attractive full interest only 5-year financing for our client,” Fischler said.
Hospitality Funding focuses on premium select service, full-service and development transactions, with a particular expertise in value-added opportunities.
Already the number one rated hotel in Burr Ridge by Trip Advisor, the hotel is slated to have a large Property Improvement Plan implemented in the second half of 2016 to maintain its premier positioning in the market. The property is located next to two lakes and across the street from high end shopping and dining at the Burr Ridge Village Center.
