SpringHill Suites Obtains $13M in Refinancing

WILLOW GROVE, PA-The hospitality division of Horsham, PA-based GMAC Commercial Mortgage Corp. provided $13.2 million in refinancing for SpringHill Suites Willow Grove at 2480 Maryland Rd. here. New York-based Waterford of Willow Grove LLC, a liability company that owns the asset, received the funding. Sonnenblick-Goldman Co., also based in New York, arranged the financing.

The funding is a permanent, fixed-rate loan, and a GMACCM spokesperson tells GlobeSt.com it has a 10-year term, but does not disclose the rate of interest. Through refinancing, the property owner locks in a fixed rate ahead of any potential hikes in interest rates.

SpringHill Suites is a 94,092-sf property on a little more than four acres within 15 minutes of Downtown Philadelphia. It has three meeting rooms with an aggregate 1,200 sf of space, a fitness center, indoor swimming pool and spa, breakfast room and guest laundry.

This is among four properties to receive a total of almost $42 million in acquisition financing and refinancing from GMACCM at the end of this month. The others are in New Mexico and New Jersey. GMACCM has more than 100 offices worldwide and a servicing portfolio in excess of $241 billion and offers a menu of financing programs for borrowers of commercial real estate debt and to providers of such capital. In provides loan origination, servicing, asset management, investment management and technology services. Along with a hospitality division, the financial services firm also has specialized lending units focused on healthcare and on franchise and equipment lending.