8A — November 11 - 24, 2016 — Financial Digest — M id A tlantic

Real Estate Journal


F inancial D igest Project includes the construction of a 105-room, seven-story upscale hotel Applied Bank finances $21 million construction for new Hyatt Place Hotel in Ocean City, MD

CEAN CITY, MD — Applied Bank , one of the highest rated banks in the country, re- cently completed the closing of a twenty-one million dol- lar construction and perma- nent mortgage transaction for financing of the new Hyatt Place Hotel located at 16th St. and the Boardwalk in Ocean City. The newHyatt Place will replace the existing Seascape Motel which dates back to the 1950’s. The hotel project will in- clude the construction of a 105-room, seven-story up- O

scale hotel which will house a restaurant, bar and outdoor veranda. It will also include state-of-the-art amenities such as meeting rooms, room service, indoor and outdoor pools and a fitness center. Six retail shops will be located along the Boardwalk. The property ownership group, PRBR Hospitality, LLC , has owned the site since 1978. “Applied Bank provided a great financing structure that allowed us to maximize the value of the site with the new Hyatt Place Hotel” said PRBR

managing member Thomas Bennett . “The local expertise and personalized service aided in the financing process and we are happy to have a valued business partner in Applied Bank”. “The project will be an eco- nomic boost to the Ocean City market, providing numerous construction jobs over the next 18 months along with many permanent jobs when the hotel is completed” said Applied Bank vice president Art Lodge . “Ocean City has a very strong tourism industry and we’re confident this hotel will be a beneficial addition to the economy catering to the many visitors traveling in and around Ocean City.” Applied Bank, headquar- tered in Wilmington, Dela- ware, has been consistently recognized as one of the high- est rated banks in the country and the highest rated bank in Delaware due to their Five Star ratings from Bauer Fi- nancial and Bankrate.com. These ratings evidence the bank’s commitment and abil- ity to consistently provide financial stability and un- matched personal service to its customers. n NorthMarq Capital secures $14.4 million refinance JERSEY CITY, NJ — Robert Ranieri , senior vice president/managing director of NorthMarq Capital ’s Greater Westchester New York/Connecticut-based re- gional office and Greg Nal- bandian , senior vice presi- dent/managing director of NorthMarq Capital’s North New Jersey regional office, arranged the $14,362,838 re- finance of Morgan Loft Apart- ments, a 36-unit multifamily property located at Steuben St. and Morgan St. in Jersey City. The transaction was structured with a 10-year term on a 30-year amortiza- tion schedule. NorthMarq arranged financing for the borrower, Morgan Steuben Associates, LLC, through its seller/servicer relationship with Freddie Mac . “This was a refinance of an existing Freddie Mac loan,” said Ranieri. “The owner is very experienced in the Jersey City market and the loft style units are in strong demand.” n

Hyatt Place rendering

We Have Money to Lend!

Applied Bank is One of the Highest Rated Banks in America

FINANCING Construction Loans for all Property Types Bridge and Permanent Mortgages Hotels - New & Existing Office/Retail and Shopping Centers

Warehouse and Industrial Residential Subdivisions Multifamily Properties Maturing CMBS Refinancing

5-Star Superior Rating Bauer Financial

*Loans from $1 million to $30 million in the Mid Atlantic Region*

For More Information Contact: Arthur E. “Art” Lodge Vice President Commercial Lending (302) 227-3044 x32043 art_lodge@appliedbank.com

2200 Concord Pike, Suite 102 Wilmington, DE 19803 Applied Bank • Rte. 1 & Rehoboth Ave. • Rehoboth Beach, DE 19971

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