A project by BDG Hotels Inc. would bring a new 128-key TownePlace Suites to Wall Street West in Lyndhurst. — Rendering courtesy: Cronheim Hotel Capital
By Joshua Burd
A developer has secured a $14.6 million construction loan to build a 128-key extended-stay hotel in the Meadowlands, in a transaction arranged by Cronheim Mortgage.
The debt placement team said the borrower, BDG Hotels Inc., is an experienced builder and operator of Marriott properties in the region that’s now slated to construct the TownePlace Suites in Lyndhurst. According to public records, the hotel would rise at 1201 Wall Street West, replacing surface parking and a former bank branch just off Route 17 and just east of the office building at 1099 Wall Street West.
Cronheim Hotel Capital, an affiliate of Chatham-based Cronheim Mortgage, said a local bank provided the financing.
“We’re excited to see BDG add another great project to their portfolio,” said David Turley, president of Cronheim Hotel Capital. “Not many banks will consider hotel construction in the current environment but there are exceptions for strong projects and sponsors. We are constantly scouring the market to make sure we know who those sources are.”
Based in Woodbridge, BDG has a portfolio that includes Fairfield Inn & Suites, Residence Inn and Comfort Suites properties. Its new Lyndhurst project will be less than 10 miles from New York City and minutes from the Meadowlands Sports Complex.
