DesRochers of NorthMarq arranges $24 million refinance Hilton Garden Inn

Ernest DesRochers, senior vice president and managing director of NorthMarq's New York City Metro regional office, arranged first mortgage refinancing of $24 million for Hilton Garden Inn, a 178-room hotel. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Melville Equity Partners, LLC, by NorthMarq through its relationship with a CMBS lender. The loan represents the second phase of a 350-room hotel development in the area that is owned by the principals of the borrower. Since the original phase I was opened in 2004 and the subject in 2009, the properties have been hotel market leaders. "The lender worked tirelessly and professionally to deliver a loan that met the needs and expectations of the borrower," said DesRochers. Zachary Rechler, vice president, and DesRochers, senior vice president and managing director, of NorthMarq's New York City Metro Regional office, arranged first mortgage refinancing of $21.45 million for a 124,000 s/f retail property located at 95 Sunrise Hwy. in Patchogue. Financing was based on a 10-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with correspondent life insurance company. The loan was a take-out of the existing construction loan for the completely renovated property. The site was formerly a Home Depot and the borrower has converted the property to its current two-tenant fully-occupied use. Major tenants at the site are Raymour Flanigan and Shop Rite. "Both tenants are well-run private regional corporations with a large market presence in the northeast," said Rechler. "The lender recognized that they are leaders within their respective industries." NorthMarq, the largest privately held commercial real estate financial intermediary 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 multi-family financing as a Freddie Mac Program Plusâ„¢ 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. For more information, please visit www.northmarq.com.