NEW YORK—NorthMarq Capital arranged acquisition and rehabilitation financing totaling $12.3 million for the former Strathallan Hotel located at 546 East Avenue in Rochester. Sam Berns, senior vice president/managing director of NorthMarq’s Rochester regional office arranged the financing.
The Strathallan Hotel includes 155 guest rooms and is located in close proximity to downtown Rochester. Upon completion of the property’s rehab, the hotel will be rebranded as the Strathallan DoubleTree.
The 10-year loan provides interest-only for one year followed by a 25-year amortization schedule. Financing was arranged for the borrower by NorthMarq through its relationship with a regional credit union.
“The client was pleased to get an 80 percent loan-to-value construction/rehab loan for a hotel property in this current financing environment,” said Berns.