Hospitality V Michigan

Marcus & Millichap closes $17 million loan for construction of luxury hotel in Michigan

Marcus & Millichap Capital Corp. has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, Mich.

Harbor Village Hotel Rendering

Marcus & Millichap Capital Corp. has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, Mich.

Dean Giannakopoulos in the firm’s Chicago downtown office and Steven Rock in its Manhattan office arranged the loan.

The property is located  near the waterfront of Lake Michigan and  will feature 92 hotel rooms, 14 luxury condominiums, conference space, a spa, and a 60-slip marina.

The three-year, interest-only loan featured a 70 percent loan-to-value advance.