{"id":1004196844,"date":"2017-11-09T04:51:33","date_gmt":"2017-11-09T12:51:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196844"},"modified":"2022-12-08T15:49:39","modified_gmt":"2022-12-08T23:49:39","slug":"new-bronx-hotel-developments-land-18m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-bronx-hotel-developments-land-18m\/","title":{"rendered":"New Bronx Hotel Developments Land $18M"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004196849\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004196849\" data-attachment-id=\"1004196849\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-bronx-hotel-developments-land-18m\/bronx-aerial-view\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon DIGITAL IXUS 870 IS&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1273245331&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;8.118&quot;,&quot;iso&quot;:&quot;80&quot;,&quot;shutter_speed&quot;:&quot;0.00125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Bronx aerial view\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Bronx, N.Y. aerial view&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg?w=800\" class=\"wp-image-1004196849 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg\" alt=\"Bronx, N.Y. aerial view\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Bronx-aerial-view.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004196849\" class=\"wp-caption-text\">Bronx, N.Y. aerial view<\/p><\/div>\n<p>Meridian Capital Group has arranged $18 million in construction financing for the development of a Best Western and Sleep Inn hotels, located in the Belmont neighborhood of the Bronx, on behalf of a prolific hotel developer.<\/p>\n<p>The 24-month construction loan, provided by a savings bank, features full-term, interest-only payments. Meridian was able to arrange this financing with a lead bank and a participant bank structure.\u00a0Financing was\u00a0arranged\u00a0by Senior Vice President Eli Finkel and Vice President Eli Serebrowski.<\/p>\n<p>The Best Western and Sleep Inn site\u00a0will comprise two side-by-side six-story hotels, totaling 176 keys. The property\u2019s central location is in close proximity to the Bronx Zoo and New York Botanical Garden.\u00a0<\/p>\n<p><em>\u201cMeridian successfully arranged bank financing in a capital markets environment where banks are scaling back on ground-up construction, especially for hotel projects,\u201d<\/em> said Finkel, in a prepared statement. <em>\u201cBy truly understanding the market and value creation strategy, in addition to the strength of the sponsor, we were able to effectively market this opportunity on behalf of the client and negotiate the required loan amount with a lead bank and participant bank.\u201d<\/em><\/p>\n<p>Recently, Meridian Capital Group also arranged $195 million in bridge financing on behalf of Preylock Real Estate Holdings for the acquisition of\u00a0seven triple-net leased <a href=\"https:\/\/www.commercialsearch.com\/news\/silicon-valley-office-portfolio-lands-195m\/\">office buildings in Santa Clara<\/a>, Calif.\u00a0<\/p>\n<p><em>Image courtesy of Wikimedia Commons\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meridian Capital Group arranged a 24-month construction loan featuring full-term, interest-only payments for the development of a Best Western and Sleep Inn hotels. <\/p>\n","protected":false},"author":746,"featured_media":1004196849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,1600,21742,10],"tags":[33375],"class_list":["post-1004196844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-meridian-capital-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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