CRONHEIM MORTGAGE ARRANGES $9,860,000

FOR FAIRFIELD INN IN NEWARK, DELAWARE

Newark, DE – Frank Sullivan and David Turley have arranged financing of $9,860,000 for the Fairfield Inn located in Newark, Delaware. The initial mortgage had financing of 80%, or $9,280,000, plus a mezzanine loan of 5%, or $580,000.  Both loans carry a 10-year term and 30-year amortization, with the first five years interest only. Both loans have financing of 85%.

The subject property consists of a 133-room, exterior corridor, limited service Fairfield Inn.  Subject room amenities include air conditioning, alarm clock, coffee maker/tea service, crib, individual climate control, and iron and ironing board.  Other amenities include luxury “Revive” bedding, color TV with free cable and HBO, movies, video and pay-per-view options, and microwave oven.  Rooms are also equipped with well-lit work desks, two phones and data port with complimentary high-speed wireless internet access.  Hotel amenities include an outdoor pool, a new breakfast area, and a new onsite fitness room featuring cardiovascular equipment and free weights.

The subject property is located along Geoffrey Drive off of SR-58 in Newark, Delaware. The Subject is advantageously located within proximity of a number of major transportation arteries. In particular, SR-58 provides access to SR-7 approximately one hundred yards to the northwest, as well as providing access to the Delaware Park Race Tracks and Slots one mile to the northwest. SR-7 travels north-south, importantly connecting with I-95 at exit 4A a quarter mile to the southwest. SR-7 then continues south, providing access to the Christiana Mall located approximately half a mile to the south. I-95 itself provides further access to major transportation avenues, linking up with I-495 and I-295 at Exit 5D 3.7 miles to the northeast.