Munson Associates Completes Construction Financing for Holiday Inn Express & Suites in Owing Mills, MD
Monday July 7th, 2014 - 10:07AM SG
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
CHARLOTTESVILLE, VA—Munson Associates, based here, has completed arrangements for the construction financing for a new Holiday Inn Express & Suites in Owings Mills, MD.
Just outside of Washington, DC, the 86-key, limited-service facility is the first ground-up construction project for Marute, L.L.C., which is located in Fredericksburg, VA. Amenities at the property will include a breakfast area, management offices, a business center, a fitness center, laundry facilities and meeting space.
James Munson, president of Munson Associates, L.L.C., personally arranged the 80% LTPC financing through his storing relationships with multiple lending sources.
“We knew the brand affiliation was strong and, upon a preliminary Fair Share analysis done with a STR report, we were able to ascertain in the very beginning that the market was strong enough to support the additional rooms. Our knowledge of the market area and its many demand generators gave us the next level of confidence to give the borrower the go-ahead to order a feasibility study. The deal was marketed to multiple lenders to ensure a successful completion and the best rate and terms available to our client,” stated Munson.
Tags: Munson Associates • Holiday Inn Express & Suites • Owing Mills MD • Marute L.L.C. • Hospitality • Construction/Renovation • Sources of Funding •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.