**BWE Closes $120M in Loans on Two NYC Marriott Properties**
BWE has successfully closed two loans totaling $120 million to refinance two prominent New York City hotels: the Residence Inn Times Square and the Courtyard by Marriott Long Island City.
Steve Perricone, Senior Vice President in BWE’s Philadelphia office, originated both loans on behalf of the sponsor—a real estate investor based in New York City and Southeast Florida with a strong focus on the hospitality sector. The financing was secured through an insurance company.
The loans feature 15-year terms with 15-year amortization schedules and include highly favorable interest rates. BWE will also serve as the loan servicer. Although both hotel properties operate within condominium structures, the loans cover only the hotel portions as collateral.
“Financing hotels can be tricky, especially when the sponsor has certain pricing and structure expectations that need to be met,” Perricone said. “When BWE was approached to help secure loans for the Residence Inn and Courtyard by Marriott, we worked closely with our client to identify a lender who could provide two separate, self-liquidating loans on a tight closing timeline. Thanks to our strong relationship with both the sponsor and a range of insurance company lenders, we were able to identify and negotiate a strong deal that will allow the borrower to operate these two high-performing hotels far into the future.”
