First American Realty Finances Somerset Courtyard By Marriott
FAIRFIELD, NJ | First American Realty Associates announced the $10.5 million short-term, non-recourse, acquisition financing of the 162-unit Courtyard by Marriott in Somerset, New Jersey. The LIBOR-based bridge loan allowed TLC Somerset, LLC to complete a reverse 1031 exchange over the following six months. This is the 18th Marriott property and 33rd New Jersey hotel financed by First American Realty.
FAIRFIELD, NJ | First American Realty Associates announced the $10.5 million short-term, non-recourse, acquisition financing of the 162-unit Courtyard by Marriott in Somerset, New Jersey. The LIBOR-based bridge loan allowed TLC Somerset, LLC to complete a reverse 1031 exchange over the following six months. This is the 18th Marriott property and 33rd New Jersey hotel financed by First American Realty.
Joseph Epstein, President and Founder of First American Realty, arranged the financing. The Newport Hospitality Group of Williamsburg, VA will operate the hotel.
“Over the past several years, we have executed numerous 1031 exchanges and have always found the sale/purchase lag troubling,” said Andrew Carey of Newport Hospitality Group, the buyer’s representative in the transaction. “Cash assets sit idle, and quality replacement properties seem scarce. By reversing the process and keeping our investments working, we were able to purchase the Marriott Courtyard as our replacement property in advance and allow ourselves the necessary time to complete the sales that will finalize the 1031. Joe Epstein of First American Realty was instrumental in securing the appropriate financing and keeping the deal moving through numerous hurdles.”