Cronheim Hotel Capital secures $19.5 million for the refinance of Hasbrouck Heights Hilton

Hasbrouck Heights, NJ Cronheim Hotel Capital (CHC) has secured $19.5 million to refinance the Hasbrouck Heights Hilton. The financing was secured from a bank and provided the sponsor cash out proceeds, a floating rate with a spread in the mid-200’s and no prepayment penalty.

The hotel completed a full renovation in 2023 and is one of the top hotels in the market. Hasbrouck Heights is located just 20 minutes from Midtown Manhattan and adjacent to Teterboro Airport, the American Dream mega-mall and Meadowlands Sports Complex (host of 2026 FIFA World Cup).

David Turley, president of CHC, said, “The Sponsor came to us with a tall list of requests – bank lender, flexible prepayment, cash out proceeds, competitive rate – but we rolled up our sleeves and got to work. We evaluated multiple options and were able to lean into one of our strong lender relationships to deliver a great deal for him.”