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| Tal Bar-Or |
New York, NY, April 21, 2015 – Meridian Capital Group,
America’s most active debt broker, arranged $13.6 million in bridge and construction
financing for two hotel properties located in Aberdeen, MD on behalf of Cross
Roads Hospitality.
The $13.6 million, 24-month bridge and construction
financing was provided by a national bridge lender and features interest-only
payments for the full term.
This transaction was negotiated by Meridian Managing
Director, Tal Bar-Or, Associate, Beau Williams, and Vice President, Judah Neuman, who are all based in the
company’s New York City headquarters.
The property, located at 793 West Bel Air Avenue, is
composed of an existing structure that will be substantially renovated to make
way for an 80-room LaQuinta Inn & Suites hotel and a development site where
Cross Roads Hospitality will construct a brand new 98-room Hampton hotel.
The city of Aberdeen
is located off of the I-95 corridor in close proximity to Baltimore as well as
the Aberdeen Proving Ground U.S. Army base.
“The borrower had an existing box of 112 rooms that would
benefit from bringing two flags into the market rather than simply renovating
the hotel.
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| Beau Williams |
“Meridian worked closely with the Cross Roads Hospitality
team to negotiate a financing structure that accounts for the advantages of
using the existing land and separating the asset into two hotels,” said Mr.
Bar-Or.
“This project will ultimately yield a brand new Hampton as
well as a completely revamped LaQuinta Inn & Suites.
"The borrower will
achieve premium room rates at the Hampton property and absorb overflow at the
LaQuinta Inn & Suites portion.
" Cross Roads Hospitality is completing the
project at a 65% discount to replacement cost and will have a standout
development on the Aberdeen exit of I-95 upon completion,” he added.
For a complete copy
of the company’s news release, please contact:
Jonathan Stern
Meridian Capital Group, LLC
212/972-3600
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