Holiday Inn's $7m mortgage

Real Estate Weekly, Dec 22, 2004

Harold D. Baker & Co., Inc. has arranged first mortgage financing in the amount of $7,000,000 for the Holiday Inn Express in Stony Brook, New York.

The property is located on a five acre site on Nesconset Highway (Route 347) just east of the intersection with Nicolls Road (Route 97) in Stony Brook.

The property is a six-story hotel with 143 rooms and two meeting rooms accommodating groups up to 100. The facility built in 1991, features an indoor heated pool, fitness center, deluxe free continental breakfast, in-room data ports, key card security system and Jacuzzi rooms. The hotel has an attractive portico entrance and well landscaped grounds.

The loan was placed for a 10 year term for the borrower with American Enterprise Life Insurance Company through American Express Financial Corporation.