The capital advisory firm brokered the $13.5 million loan for the Courtyard Rockaway Mt. Arlington on behalf of Opal Hotels, according to a news release. The sponsor, a real estate investment firm, bought the property at 15 Howard Blvd. in 2019 and made extensive renovations to modernize it.
“For high-quality assets and strong borrowers, there remains many financing options,” said David Turley, president of Chatham-based Cronheim. “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.”
This is Opal Hotels’ only property in New Jersey, according to its website. The four-floor hotel, located just off Interstate 80 and near routes 10 and 46, offers 125 rooms, conference meeting space and a self-parking lot.
