ISELIN, NJ—Meridian Capital Group arranged $7.8 million in financing for the refinance of the Clarion Hotel & Conference Center located in Toms River, NJ, on behalf of 85 Venture Group.
The 10-year loan, provided by a local savings bank, features a fixed rate of 4.75%. This transaction was negotiated by Meridian Managing Director Jim Bologno and SVP Scott Jackson, who are both based in the company’s Iselin, NJ office.
The Clarion Hotel & Conference Center, located at 815 Route 37 West, is a two-story, 100-room hotel. Amenities include an outdoor pool, an exercise room, an in-house restaurant and a business and events center. The hotel is a short distance from the Garden State Parkway and area attractions, including the Pine Belt Arena, the Island Beach State Park, Seaside Heights Boardwalk and Beaches and the Point Pleasant Beach and Boardwalk.
“Hotel loans are often financed via the CMBS market,” explained Jackson. “Meridian’s strong lender relationships in this market aided in identifying a local balance sheet lender that valued the ownership’s knowledge and experience and provided a long-term fixed-rate loan at substantially lower pricing than similar CMBS loans in today’s market.”