By Joshua Burd
A new 276-unit hotel in downtown Jersey City is proceeding with the help of a $10.75 million refinancing loan originated by Silver Arch Capital Partners, the lender announced.
The Hackensack-based firm worked on behalf of Statue of Liberty Harbor North Development Urban Renewal LLC, the developer of the new Marriott hotel at 155 Marin Blvd. The planned 202,495-square-foot hotel is slated to include a full-service restaurant, a bar and lounge area and services such as a concierge, salon, meeting/banquet rooms and a full service fitness center.
The commercial mortgage lender said it was filling a void left by traditional lenders when it comes to undeveloped properties.
“Silver Arch Capital Partners sees opportunities when others tend to turn their backs,” Jeffrey Wolfer, CEO and president of Silver Arch Capital Partners, said in a prepared statement. “If the borrower has a strong track record, we will take the long view regarding value-add potential to the point where the loan can be refinanced with a conduit or CMBS loan or by a portfolio lender. The traditional lender, in contrast, will tend to have a greater focus on current cash flow.
“The great location coupled with the Marriott brand name and the experience of the people behind the respected Tramz Hotels Group enabled us to provide them with great terms and a quick closing.”
Tarrunumn Murad, who founded Tramz Hotels Group with her husband Tajjammal Murad, said the company was “thrilled to have secured this financing through Silver Arch Capital Partners and happy they saw the incredible potential of this area and this project just as we. We appreciate the confidence they have placed in us.”
Silver Arch Capital Partners said it has been rapidly expanding into other high-profile urban locations and has recently originated more than $50 million in land loans in Brooklyn, Miami, Manhattan and Chicago, according to a news release.
“We see waterfront areas as particularly attractive,” Wolfer said. “Jersey City is one of the most desirable areas on the East Coast. The property is in close proximity to nearly 6 million square feet of office space, 5,000 residential units and is just across the Hudson River from the financial district in lower Manhattan.”