Meridian facilitates $20.5 million refinance for Courtyard Marriott

Westbury, NY Meridian Capital Group arranged $20.5 million in financing to refinance The Courtyard Marriott, on behalf of Piermont Properties, Chartwell Hospitality, and Soundview Real Estate Partners.

The interest-only loan was provided by a national life insurance company, and was negotiated by Meridian senior managing director Adam Hakim, director Andrew Iadeluca, and senior vice president James Murad.

Located at 1800 Privado Rd., the six-story, 145-key select-service hotel is located in Nassau County.

“This transaction represented an excellent marriage between a lender offering a competitively-priced bridge loan product with a flexible pre-payment penalty and an asset that has performed well throughout COVID,” said Hakim.

The hotel continually performed well throughout COVID thanks to a variety of demand drivers including its proximity to surrounding office buildings, drawing in those traveling for business, as well as Nassau Coliseum, a music and event venue nearby.