Hall Structured Finance Refis New Jersey Hotel With $46M Loan
A joint venture between The Hampshire Companies and The Pinnacle Companies has secured a $45.5 million debt package to refinance a Marriott-branded hotel in Northern New Jersey, Commercial Observer has learned.
Hall Structured Finance (HSF) supplied the first mortgage bridge loan on the JV’s MC Hotel in Montclair, N.J, which operates under the flag of Marriott International’s Autograph Collection. BayBridge Real Estate Capital’s Jay Miller, AJ Felberbaum and Spencer Miller arranged the transaction.
“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,” Donald Braun, 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, the 159-room boutique hotel offers multiple meeting and event spaces, including a 3,000-square-foot ballroom that can accommodate up to 200 guests. It features a signature restaurant Allegory, and Alto, a rooftop indoor and outdoor bar on the ninth floor.
The loan closing also coincided with the sponsorship acquiring the property at 662-664 Bloomfield Avenue, which formerly operated as the Thai Chef restaurant. The hotel, which is managed by Aparium Hotel Group, is planning a new upscale restaurant at the site as part of a strategy to add to its existing food and beverage options.
“We would like to thank HALL Structured Finance and BayBridge Real Estate Capital for bringing this refinancing across the finish line,” John Durso, chief investment officer of The Hampshire Companies, said in a statement.
Dallas-based HSF is a direct private lender that specializes in providing construction and bridge financing, focusing heavily on financings within the hotel and multifamily sectors.
Andrew Coen can be reached at firstname.lastname@example.org.