NEWARK,
NJ March 16, 2012 – JOHNSON CAPITAL, a
national real estate investment company, announces that Lino DiLascio,
Principal and of the firm’s New York City office and Allen
Ostroff,
Managing Director and Head of Johnsons Capital Global Hospitality, has
arranged
a construction loan for the ground-up development of the new Courtyard
by
Marriott hotel in Newark, New Jersey. The hotel will contain 150 rooms
along
with 14,780 square feet of ground floor retail space.
This project, estimated to cost $35 million, is the first new hotel in
Newark
in over forty years. It is located at the intersection of Lafayette and
Broad
Street, on a 20,040 square foot parcel that is an integral piece of the
redevelopment of downtown Newark. The site, which had been vacant, is
located
adjacent to a parking garage next to the Prudential Center arena,
current home
of the NBA’s New Jersey Nets and permanent home of the NHL’s New Jersey
Devils.
Tucker Development, based out of Chicago and led by Richard Tucker,
along with
Robert Finvarb Companies, are the project’s developers. The partnership
also
includes an affiliate of The New Jersey Devils. These partners
contributed
equity and land to the project. Tucker was able to move forward with
the
development once they had contracted with Marriott. Johnson
Capital’s
team, led by DiLascio, was then able to obtain the construction
financing. The
36-month loan was provided by a regional bank and carries a floating
interest
rate.
Commenting on the debt placement, Mr. DiLascio said, ”Given the
importance of
this site, the highly structured financing, and the amount of time
since a new
hotel was developed in Newark, there were many challenges that had to
be
overcome for this deal to be completed. After construction had already
commenced in March 2011, our Johnson team was able to get several banks
interested and we ended up with a loan and a lender ideally suited for
this
project.”
The opening is scheduled for September 2012. The new hotel was designed
by
Streetsense architects and is being constructed by Structure Tone
general
contractors.
About Johnson Capital:
Celebrating its 25th anniversary as a
leader in commercial real
estate investment banking, Johnson Capital’s services include debt
placement and acquisition financing for permanent loans, construction
financing
and property repositioning, in addition to joint venture equity
placement
for individual assets, portfolios, entities and discretionary funds.
The firm
is a leading national commercial real estate capital intermediary with
direct
lender relationships through Fannie Mae, Freddie Mac, HUD and many
insurance
companies.
Johnson Capital’s
transactions have ranged in total funding from $1
million to over $300 million and have included all property types,
including:
multifamily, office, retail, industrial and hotels. Since its inception
in
1987, Johnson Capital’s aggregate transaction volume has surpassed $32
billion.
Headquartered in Irvine, CA, Johnson Capital is one of the country’s
top real
estate capital advisory firms with 19 locations nationwide.
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