Cushman & Wakefield is pleased to announce the closing of a $7.7 million non-recourse loan, collateralized by the Staybridge Suites, an 84-key hotel located at 2195 US Highway 1 South in North Brunswick, New Jersey. The loan features 30-year amortization and a 10-year fixed rate of 4.5%.
“Our clients were trying to refi out of a construction loan into more permanent financing, but were getting pushback from local banks. We secured a very competitive CMBS loan, and were able to substantiate the strength of the market for the lender,” said Cushman & Wakefield’s John Leslie, who exclusively handled this transaction.
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