Pisanelli of U.S. Realty Capital closes $4.6m renovation loan for 48-room hotel

The Atlantic Northeast office of U.S. Realty Capital brokered $4.6 million of renovation financing for the 48-room Hotel Clarence on 108 Fall St. The national commercial real estate financing firm coordinated the funding on behalf of two developers, Jake McKenna of Parsons McKenna Construction and Jay Bernhardt of JGB Enterprises, who specialize in rehabilitating historic buildings. The building, which is the former home of the Hotel Gould, has been unoccupied for several years and needs to be completely renovated. The hotel will feature modern European décor and amenities while preserving the historic past of the building. The owners of the hotel, Bedford Falls Enterprises, LLC, will also operate a restaurant on the first floor of the hotel. The total loan amount includes a $1.6 million PIF loan from the Seneca County IDA. The renovation loan was placed with two regional banks at a five-year fixed-rate and 70% loan-to-value. Rob Pisanelli of U.S. Realty Capital structured the participation loan between the two banks.