NEW YORK-- (www.hospitalitybusinessnews.com) -- HFF announced today that it has arranged a $120 million refinancing for nine full-service hotels totaling 2,264 rooms in California, Florida, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania and Texas.
HFF worked exclusively on behalf of the borrower, Investcorp, to secure the adjustable-rate loan through J.P. Morgan Chase Bank N.A. The loan, slated to be securitized in an adjustable-rate securitization, will be serviced by HFF. Loan proceeds were used to refinance an existing first mortgage.
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