10C — December 14 - 27, 2018 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Patel negotiates sale of 149-guestroom boutique hotel HREC Investment Advisors arranges sale of The Atherton Hotel in State College S the transaction. The sale was negotiated by Ketan Patel , managing director in the Washington D.C. office.
State College, only one block from The Pennsylvania State University. As Pennsylvania’s only land-grant university, Penn State University is home to 98,783 students and offers more than 160 majors among all its campuses. Approxi- mately 13,700 students live on the University Park campus, the largest campus in the Penn State system. Founded in 1855 as the Farmers High School of Pennsylvania, Penn State has extended to over 19 commonwealth campuses and 5 special mission campuses across the state. CHCsecures$6.23M refinance for Quakertown Holiday InnExpress QUAKERTOWN , PA — Cronheim Hotel Capital (CHC) has arranged financ- ing totaling $6,230,000 for the Holiday Inn Express located in Quakertown, PA. The loan was placed with a national lender for a securitized ex- ecution and offered a 10-year term and 30-year amortiza- tion. The 78-key property was acquired in early 2014 and had just completed a $1.2 million PIP. The renovations updated the common areas and all guest rooms to current Formula Blue standards with the exception of the corridors, which will be completed at a later date. The Sponsor was seeking to refinance their maturing debt and provide a return of some equity given the low le- verage debt they assumed at purchase and the additional equity required to complete the PIP. Quakertown is a suburb of the Allentown-Bethlehem MSA, which is located in the center of the Lehigh Valley region of Eastern Pennsylva- nia and is home to more than 800,000 people. The Allen- town-Bethlehemmetropolitan area is Pennsylvania's third largest metropolitan area. "We're pleased to have closed our seventh trans- action for The Wankawala Organization," said David Turley , principal of CHC. "This financing allowed a return of equity after a suc- cessful repositioning of a tired and operationally impaired asset."
TATE COLLEGE, PA — HREC Investment Advisors has arranged the sale of the full-service 149- gues t room bout i que Atherton Hotel in State Col- lege. The property was ac- quired by AJ Capital Part- ners , a real estate developer, owner, and operator, based out of Chicago, IL. AJ Capital will renovate the hotel to convert it to Graduate State College, part of the Graduate Hotels collection. HREC Investment Advi- sors represented Atherton Street Partnership during
Patel said, “We are excited to have represented the seller and AJ Capital as the buyer for this highly desirable asset. Given its exceptional location in State College we knew this was the perfect fit for AJ Capital and their Graduate Hotels brand. We look forward to seeing the transformation of the Atherton Hotel in the near future.” The Atherton Hotel is locat- ed in the heart of downtown
Atherton Hotel
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