FAIRFIELD, NJ First American Realty Associates is arranging $68 million in total funding for 16 hotels in 9 states. Two of the loans were obtained for MOA Hospitality of Des Plaines, IL. The first was a refinance of the 70-room Days Inn in Merrimack, NH, in the amount of $2.1 million. The second was a permanent loan in the amount of $3.5 million on the to-be-built 73-room Fairfield Inn & Suites in Milford, MA. Permanent financing in the amount of $9.5 million was arranged for the 249-room Doubletree Hotel in Lowell, MA for LHG, LLC, an affiliate of The Procaccianti Group of Cranston, RI. Two takeout loans were arranged for subsidiaries of Winston Hotels of Raleigh, NC. One was in the amount of $5.1 million for a to-be-built 118-room Hampton Inn in Ponte Verde, FL and the second was in the amount of $12.3 million for a to-be-built 177-room Hilton Garden Inn in Evanston, IL. Ten loans totaling $24 million were placed for InTown Suites of Atlanta, to retire a portion of bank credit. A combination construction/permanent loan in the amount of $11.5 million was placed for The Inn at Manor on a proposed 138-room Residence Inn project in West Orange, NJ. Donald J. Urgo & Associates will operate the property. (12/1/00)
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