Newmark is pleased to announce that it has secured a $45.5 million loan through Melody Capital Partners on behalf of Buccini/Pollin Group (BPG) and Hidrock Properties for the refinancing of the Hilton Meadowlands in East Rutherford, NJ. The Newmark team was led by Vice Chairmen and Co-Heads Jordan Roeschlaub and Dustin Stolly along with Managing Directors Chris Kramer and Nick Scribani and Associate Director Bob Tonnessen.
The loan was used to retire the previous financing and fund the remaining capital improvements to further enhance the hotel property and improve its positioning around proximate demand drivers. The hotel is located directly across NJ-3 from MetLife Stadium, which attracts 8 million visitors per year, and the much anticipated American Dream Meadowlands, a complex currently under construction that will encompass 2.75 million square feet of retail and entertainment space with a 6-acre waterpark.
“With the current refinancing and implementation of the remaining PIP, BPG will have an enhanced asset primed to take advantage of the immense demand brought on by the forthcoming delivery of American Dream in 2019,” said Mr. Roeschlaub.
“American Dream will be the largest retail and entertainment complex in the United States, sure to create a significant impact on the job market and greater economic growth in the market,” added Mr. Stolly.
The Hilton Meadowlands has undergone extensive renovations over the years from BPG. Since acquiring the property in 2005 as a Sheraton, BPG converted the asset to a Hilton in 2013 when Hidrock joined the ownership as a partner. The Hilton’s proximity to the Meadowlands Sports Complex is a key element to its continued success, along with the hotel being one of the most popular venues for weddings and corporate events in the region.
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