CHARLOTTESVILLE, VA—Munson Associates, based here, has completed arrangements for the construction financing for a new Holiday Inn Express & Suites in Owings Mills, MD.
Just outside of Washington, DC, the 86-key, limited-service facility is the first ground-up construction project for Marute, L.L.C., which is located in Fredericksburg, VA. Amenities at the property will include a breakfast area, management offices, a business center, a fitness center, laundry facilities and meeting space.
James Munson, president of Munson Associates, L.L.C., personally arranged the 80% LTPC financing through his storing relationships with multiple lending sources.
“We knew the brand affiliation was strong and, upon a preliminary Fair Share analysis done with a STR report, we were able to ascertain in the very beginning that the market was strong enough to support the additional rooms. Our knowledge of the market area and its many demand generators gave us the next level of confidence to give the borrower the go-ahead to order a feasibility study. The deal was marketed to multiple lenders to ensure a successful completion and the best rate and terms available to our client,” stated Munson.