The Clarion Hotel & Conference Center in Toms River — Courtesy: Meridian Capital Group
By Joshua Burd
The owner of a Toms River hotel is refinancing for $7.8 million, following a transaction arranged by brokers with Meridian Capital Group.
The real estate finance firm said it represented the owner, 85 Venture Group, in obtaining the loan for the 100-room Clarion Hotel & Conference Center at 815 Route 37 West. The 10-year loan, provided by a local savings bank, features a fixed rate of 4.75 percent.
Meridian Managing Director Jim Bologno and Senior Vice President Scott Jackson, who are both based in the firm’s Iselin office, negotiated the transaction.
“Hospitality loans are usually financed in the CMBS market,” Jackson said. “Meridian’s strong lender relationships in the market helped to find a local balance sheet lender that valued the ownership’s knowledge and experience and provided a long-term fixed rate loan at substantially lower pricing than similar CMBS loans in today’s market.”
In a news release, the firm said the two-story hotel features an outdoor pool, an exercise room, an in-house restaurant and a business and events center. The property is a short distance from the Garden State Parkway and in close proximity to the Pine Belt Arena, Island Beach State Park, the Seaside Heights boardwalk and other attractions.