Non-performing Loan Courtyard Harrisburg Hershey, PA

Listing Agents

Sean Banilivy
T | 516.456.7525

Omari Head
T | 410.406.7259

Detailed Information
Property Highlights
  • $18.55MM non-performing loan (NPL) collateralized by the fee-simple interest in the 128-room Courtyard by Marriott Harrisburg Hershey
  • The note was originated March 9th, 2015 to refinance an existing loan with a ten-year term, 30-year amortization, and an interest rate of 4.675%
  • The balance is approximately $16.5MM as of July 1st, 2021
  • Loan was transferred to special servicing November 16th 2020 – due to imminent monetary default
  • Foreclosure filed on May 20th, 2021 and borrower continues to cooperate with lender towards the transition of title
  • Property is ideally located in the Harrisburg Hershey area with easy access to Interstate-83, The Capital Beltway and with over 60,000 vehicles passing the location daily
  • The Hotel is positioned near several corporate and leisure demand generators including the Penn State Health Millton S. Hershey Medical Center, Penn State Children’s Hospital, Hershey Theme Park and Aetna Regional Headquarters
  • Optimal time to be investing in the Pennsylvania State Capital – home to a mix of military, government, leisure and gaming travel