Bronx, NY Meridian Capital Group has arranged $9.4 million in construction-to-permanent financing for the development of a Holiday Inn Express on behalf of East End Hospitality Management. The 18-month interest-only loan, provided by a balance sheet lender, converts to a seven-year permanent loan at a fixed-rate of 5.25% upon receipt of the certificate of occupancy. This transaction was negotiated by Meridian managing director, Tal Bar-Or and associate Beau Williams, who are both based in the Company’s New York City headquarters. The Holiday Inn Express became stalled in the middle of construction and required further capital to complete the build out. The project began in 2008 and experienced periods of stagnation due to economic conditions. The hotel is conveniently located at 500 Exterior St., right off I-87 and offers easy access to Manhattan via the 145^th St. and Madison Ave. Bridges. The newly built Holiday Inn Express will total 85 rooms once complete. In addition, the property is minutes away from Yankee Stadium and the Bronx Terminal Market, a shopping mall with over one million square feet of retail space. “We are pleased to have worked with the lender to tailor a loan that enables the sponsor to complete construction of the hotel and provides them with an option for permanent financing upon completion,” said Bar-Or. “We are confident that with this financing, East End will be able to quickly add another excellent property to their portfolio of quality hotels.” Tags: