CRONHEIM MORTGAGE ARRANGES $16,100,000 FOR

TWO HOTELS IN NEW JERSEY AND PENNSYLVANIA

NJ, PA – Frank Sullivan and David Turley have arranged financing of $16,100,000 for two hotel properties located in New Jersey and Pennsylvania.

In Denville, New Jersey, $8,450,000 was arranged for a 119-room Hampton Inn located just off Interstate 80, one of the most-traveled roads in the country. Hampton Inn is one of the nation’s leading hotel chains with over 1,300 hotels throughout the United States, Canada, and Latin America. The five-story hotel includes amenities such as hot breakfast buffet, indoor pool and whirlpool, exercise facility, and 24-hour store with alcoholic and non-alcoholic beverages, snacks and sundries. Located in western Morris County, New Jersey, the property services the sizeable local office market in addition to transient and leisure travelers.  The subject property is easily accessible from Routes 46, 23, 10, and Interstate 287. The loan carries a 10-year term amortized over 30 years at an interest rate of 5.89%. 

In King of Prussia, Pennsylvania, $7,650,000 was arranged for a 121-room Comfort Inn located just off Interstate 76, The Pennsylvania Turnpike, where it intersects with Interstate 276.  The five-story hotel features oversized guest rooms, a fitness center, a guest laundry facility, a breakfast area and a conference room.  The subject property is located one mile west of Valley Forge National Park and the Valley Forge Convention Center, which has 145,000 square feet of exhibition space. It is also in close proximity to the King of Prussia Mall, the second largest mall in the United States with 3 million square feet of space. The loan carries a 10-year term amortized over 30 years at an interest rate of 6.30%.