Newmark is pleased to announce it has successfully arranged a $27,800,000 refinancing loan for the Courtyard Marriott Riverwalk hotel in San Antonio, Texas. Executive Managing Director Ben Greazel of Newmark’s Capital Markets group originated the ten-year, interest-only, non-recourse loan on behalf of the borrower and long-time client, Finvarb Group, led by Richard Finvarb and Ronny Finvarb. Greazel secured the financing with Benefit Street Partners.
The Courtyard Marriott Riverwalk, which opened in 2009, is a 17-story, 220-room state-of-the-art hotel. Located directly on the River Walk, the property is within walking distance to the historic Alamo, Hemisfair Park, the Tower of the Americas, Rivercenter Mall, Market Square and an abundance of restaurants, shops and other famous attractions. In 2018, Finvarb Group completed a full property improvement plan, which included lobby, conference space and full-room renovations.
The newly-renovated hotel features a Spanish Mediterranean design, a Bistro restaurant, Starbucks, a meeting space, full-service bar, an outdoor swimming pool, fitness center, guest laundry, a 24-hour market and business center.
“The Courtyard Marriott Riverwalk’s beautiful, updated amenities combined with its River Walk location and the strong San Antonio market, resulted in advantageous terms for our client,” said Greazel.
About Finvarb Group
Founded over 40 years ago, Miami, Florida-based Finvarb Group is a real estate development and investment company specializing in developing quality hotels in premium urban locations and in emerging and underserved markets. The firm has developed a diverse array of real estate projects including hotels, high-rise condominiums, multifamily apartment buildings, single-family developments, office building and retail. The principals of the Finvarb Group are Richard Finvarb and Ronny Finvarb. For more information, please visit www.FinvarbGroup.com and follow us @FinvarbGroup on Instagram.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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