PHILADELPHIA, PA (June 22, 2011) – Llenrock Advisors, part of Llenrock Group, LLC, a real estate advisory and investment firm, is proud to announce the recent closing and the placement of $6.45MM in permanent financing for the Hampton Inn & Suites, Parsippany, NJ on behalf of AVA Development. The property is a 3-star, four-story, 87room limited service hotel offering spacious suites, fitness center & pool, and complimentary breakfast buffet.
The owner sought out Llenrock for its experience and expertise in hospitality lending. Llenrock was able to secure permanent 10-year fixed rate debt at a sub-6% interest rate from an Investment Banking conduit lender. Given AVA’s stellar track record of hospitality ownership and management, the lender was comfortable going to 65% LTV in an asset class which has been hard to finance even at 50% LTV, if at all.
Andrew Benioff, Founder and Managing Partner of Llenrock, stated “The opportunity to work with AVA Development was something special for our team. We relish working with partners that have goals that are properly aligned with ours and who are as committed to a collaborative process as we are.”