A joint venture between Hampshire Societies and Flagship companies secured a $45.5 million debt package to refinance a Marriott-brand hotel in northern New Jersey, Commercial Observer has learned.
Hall Structured Finance (HSF) provided the first bridge mortgage on the JV’s Hotel MC in Montclair, NJ, which operates under the flag of Marriott Internationalit is Autograph collection. BayBridge Capital Real Estateit is Jay Miller, AJ Felberbaum and spencer miller arranged the transaction.
“We are thrilled to fund a hotel that complements an integral part of the city’s thriving artistic, cultural and world-class culinary community. » Donald Brown, president of HSF, said in a statement. “The MC Hotel is the newest and highest quality full service hotel in the area.”
Located at 690 Bloomfield Avenue In downtown Montclair, this 159-room boutique hotel offers several meeting and event spaces, including a 3,000 square foot ballroom that can accommodate up to 200 people. It has a brand restaurant Allegoryand Altoan indoor and outdoor rooftop bar on the ninth floor.
The closing of the loan also coincided with the sponsorship of the acquisition of the property at 662-664 Bloomfield Avewhich used to work as Thai chef restaurant. The hotel, which is managed by Aparium hotel groupis planning a new upscale restaurant on site as part of a strategy to add to its existing food and drink options.
“We would like to thank HALL Structured Finance and BayBridge Real Estate Capital for crossing the finish line with this refinancing,” John Dursochief investment officer of The Hampshire Companies, said in a statement.
Dallas-based HSF is a direct private lender specializing in construction and relay financing, with a strong focus on financings in the hotel and multi-family sectors.
Andrew Coen can be reached at [email protected].