A project by BDG Hotels Inc. calls for the opening of a new 128-room TownePlace Suites on Wall Street West in Lyndhurst. — Rendering courtesy of Cronheim Hotel Capital
By Joshua Burd
A developer has secured a $14.6 million construction loan to build a 128-room extended-stay hotel in the Meadowlands in a transaction arranged by Cronheim Mortgage.
The debt placement team said the borrower, BDG Hotels Inc., is an experienced developer and operator of Marriott properties in the area where the TownePlace Suites at Lyndhurst is now slated to be built. According to public records, the hotel would be located at 1201 Wall Street West and would replace a parking lot and former bank branch just off Route 17 and east of the office building at 1099 Wall Street West.
Cronheim Hotel Capital, a subsidiary of Chatham-based Cronheim Mortgage, said a local bank provided the financing.
“We are excited for BDG to add another great project to their portfolio,” said David Turley, President of Cronheim Hotel Capital. “In the current environment, not many banks are considering hotel construction, but there are exceptions for strong projects and sponsors. We are constantly scouring the market to make sure we know who those sources are.”
Woodbridge-based BDG has a portfolio that includes Fairfield Inn & Suites, Residence Inn and Comfort Suites properties. The new project in Lyndhurst will be less than 10 miles from New York City and just minutes from the Meadowlands Sports Complex.
