Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $24 million for the refinancing of Marriott Springfield Downtown, a 266-room Marriott hotel located at 2 Boland Way in Springfield, Massachusetts.
Robert Damigella, vice president, capital markets with MMCC in Boston secured the financing.
“In this challenging market, we were able to secure attractive financing, including a five-year term with an interest rate of 6.25%, interest-only for the first six months, followed by 25-year amortization and 47% loan-to-value,” said Damigella. “Springfield’s metro area, specifically in the hospitality sector, is following the same trends as Boston and has seen a dramatic increase in private investments. We worked seamlessly with the lender to meet the needs of our client.”
The Marriott Springfield Downtown overlooks the Connecticut River and is directly accessible from major cities such as Hartford, Worcester, and Boston via Interstate 91 and the Massachusetts Turnpike.
