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| Sheraton Edison Hotel, Edison, NJ |
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| Kevin Chin |
New York, NY - PCCP, LLC announced it has provided two
senior loans to a private, East Coast-based real estate firm totaling $57.5
million for the recapitalization of two New Jersey hotels. The hotels include
the Hilton Meadowlands in East Rutherford and the Sheraton Edison
in Edison.
“These loans are supported by institutional quality assets
with strong in-place cash flow and significant upside potential,” said Kevin
Chin, vice president with PCCP, LLC.
PCCP provided a $41 million loan for the recapitalization
and repositioning of the Hilton Meadowlands & Conference Center (formerly
the Sheraton Meadowlands), a 427-room full-service hotel located less than
a mile from MetLife Stadium (the site of the 2014 Super Bowl) and just six
miles west of Manhattan.
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| Hilton Meadowlands Hotel, East Rutherford, NJ |
The hotel was
acquired in 2005, underwent a $17 million renovation in 2006, was reflagged as
a Hilton Hotel in conjunction with the closing of the PCCP loan, and will
undergo a significant property improvement plan following the Super Bowl.
PCCP also provided a $16.5 million loan to refinance an
existing senior loan on the Sheraton Edison, a 276‐room full-service hotel
located within the Raritan Center corporate park in Edison, which is
made up of nearly 350 companies and over 13 million square feet of
flex/industrial/office space.
The hotel is also less than 1.5 miles from the
125,000-square-foot New Jersey Convention & Exposition Center and is well
positioned at the confluence of the New Jersey Turnpike, I‐287, and the Garden
State Parkway. The property was
acquired in 2007 and underwent an extensive $20 million renovation in
2008.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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