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Newmark Capital Markets announced today that it has arranged a $26.6 million loan, secured through Ladder Capital, for the acquisition of the Hilton Melbourne Rialto Place, a 268-key, 8-story full-service hotel at 200 Rialto Place, Melbourne FL. The team was led by Newmark Capital Markets Vice Chairmen and Co-Heads, Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, along with Associate Director Bob Tonnessen and Analyst Jason Deck.
The borrower, The Buccini/Pollin Group (BGP), is a privately held, integrated real estate acquisition, development and management company with over $4.0 billion of real estate assets, including over 40 hotels, 6 million square feet of office and retail space, 10 major residential communities and multiple entertainment venues. The BGP team was led by David Pollin, Robert Buccini and Christopher Buccini.
The financing will be used for the acquisition and to fund the remaining Property Improvement Plan (PIP) renovation dollars at the facility. The Hilton Melbourne Rialto Place is a recently renovated full-service hotel, with three Food and Beverage (F&B) outlets, 12,000 square feet of meeting space and markets, including the largest ballroom in the county. In addition, the renovation included every guest room, a new lobby and lounge as well as the fitness center and parking lot. The loan equates to $111,555 per key.
“The Melbourne area is a rapidly growing corporate market, with several large employers and a 130-acre business and industrial park,” said Roeschlaub. “Working with the teams from BPG and Ladder Capital created a great opportunity to take an already outstanding hotel to a higher level of sophistication in a robust market.”
In addition to the allure of a thriving corporate market, the hotel is situated close to the Orlando Melbourne International airport and easily accessible to major transportation routes.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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