Berns of NorthMarq arranges $12.3 million for Hilton DoubleTree

Sam Berns, senior vice president/managing director of NorthMarq's local Regional office, arranged acquisition and rehab financing of $12.3 million for the former Strathallan Hotel located at 546 East Ave. The Strathallan Hotel contains 155 guest rooms and is located in the city's cultural district and is minutes away from downtown. When rehab is complete, the hotel will be rebranded as the Strathallan DoubleTree. The ten-year loan provides interest- only for one year followed by a 25-year amortization schedule. Financing was arranged for the borrower by NorthMarq through its relationship with a regional credit union. "The client was pleased to get an 80% loan-to-value construction/rehab loan for a hotel property in this current financing environment," said Berns. NorthMarq, one of the largest privately held commercial real estate financial intermediaries in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multifamily financing as a Freddie Mac Program Plus Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.