Cronheim Hotel Capital secures $18 million for Residence Inn Middletown

Middletown, NY Cronheim Hotel Capital (CHC) has secured an $18 million permanent loan for the Residence Inn Middletown Goshen. The five-year fixed-rate loan is interest only for the full term.

The hotel opened in 2020 and is located near numerous corporate demand drivers. In addition, the opening of Legoland New York Resort nearby in 2021 has become a major draw to the area, benefiting the property.

David Turley, president of CHC, said “The sponsor acquired the property earlier this year but had their bank financing fall through at the last minute. We were able to quickly tee up a lender who closed in two weeks, protecting the sponsor’s hard deposit and 1031 funds. Importantly, we also secured very flexible prepayment terms which allowed us to complete this permanent refinance just a few months later.”