Cronheim Hotel Capital secures $13.5 million refinance for Courtyard Rockaway Mt. Arlington

Mt. Arlington, NJ Cronheim Hotel Capital (CHC) has secured $13.5 million to refinance the Courtyard Rockaway Mt. Arlington.

The sponsor, Opal Hotels, purchased the property in 2019 and executed an extensive renovation to modernize and improve the property. It remains one of the premier lodging options in the market, making it a top choice for wedding groups and leisure travelers. The nearby International Trade Center and Picatinny Arsenal also drive corporate and government business in the market.

David Turley, president of CHC, said, “For high-quality assets and strong borrowers, there remains many financing options. We brought a wide variety of lenders to the table, with various leverage points and loan structures. Ultimately, the sponsor went with a regional bank, providing a floating rate now with the ability to prepay or swap into a fixed rate at any time during the loan term without penalty. With the current volatility in the interest rate environment, having that optionality may prove very valuable over the next few years.”