The 354-room Wyndham Garden Norfolk (Va.) Downtown has received an $8.9 million refinancing loan, arranged by Marcus & Millichap Capital Corp.
The hotel—operated by Commonwealth Lodging Management—is a conversion of the former Golden Triangle Hotel. The property is in downtown Norfolk within walking distance of several museums, historic sites and the beach and is close to Norfolk International Airport.
Robert Bhat—senior managing director in MMCC’s Miami office—secured the financing with a global investment bank on behalf of a private client. The loan is non-recourse and features a five-year term with a 7 percent interest rate and full-term interest only.
"We are pleased to secure financing for Wyndham Garden Norfolk Downtown, supporting the local hospitality sector," Bhat said in a statement. "Its prime location and strong market made it an appealing investment and we anticipate continued success in downtown Norfolk."