Hall Structured Finance closed a first mortgage bridge loan to refinance the MC Hotel, an Autograph Collection by Marriott property in Montclair, N.J.
The 159-room MC Hotel was developed by a joint venture between The Hampshire Companies and The Pinnacle Companies and opened in August 2019. Aparium Hotel Group manages the property. The owners purchased an adjacent restaurant site in connection with the closing of the loan and are adding an establishment to the porperty's footprint.
“We are pleased to finance a hotel that complements such an integral piece of the city’s thriving artistic, cultural and world-class dining community,” HSF President Donald Braun said in a statement. “The MC Hotel is the newest and highest quality full-service hotel in the area, offering a great lodging option for business and leisure travelers alike.”
The hotel has multiple meeting and event spaces, including a 3,000-square-foot ballroom that can accommodate up to 200 guests. Food-annd-beverage options include the restaurant Allegory and rooftop indoor/outdoor bar and lounge Alto. The hotel also has an art collection on display, showcasing both local and international artists.
Jay Miller, AJ Felberbaum and Spencer Miller from BayBridge Real Estate Capital, sourced the financing for the project. HSF’s bridge loan financing program largely targets high-quality hotel assets and serves to complement its hotel and multifamily construction loan programs.