The 10-year loan, provided by a local savings bank, features a fixed rate of 4.75 percent. This transaction was negotiated by Meridian managing director Jim Bologno and SVP Scott Jackson, who are both based in the company’s Iselin, N.J., office.
The Clarion Hotel & Conference Center, located at 815 Route 37 West, is a two-story, 100-room hotel. Hotel amenities include an outdoor pool, an exercise room, an in-house restaurant, and a business and events center. The hotel is located near the Garden State Parkway, and guests will be within close proximity to a variety of attractions, including the Pine Belt Arena, the Island Beach State Park, Seaside Heights Boardwalk and Beaches and the Point Pleasant Beach and Boardwalk.
“Hotel loans are often financed via the [commercial-mortgage-backed-securities] market,” Jackson said in a statement. “Meridian’s strong lender relationships in this market aided in identifying a local balance sheet lender that valued the ownership’s knowledge and experience and provided a long-term fixed-rate loan at substantially lower pricing than similar CMBS loans in today’s market.”
Founded in 1991, Meridian Capital Group Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties in 2016. Since its inception, the company closed more than $270 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.