Deal Report: Four Hotel Financing Announcements

1Sonnenblick-Eichner Arranges $29 Million Construction Loan for Cambria Hotel in California

Sonnenblick-Eichner Company has arranged $29 million of construction financing for the Cambria Hotel Calabasas, a 125-room, select-service hotel to be located on Las Virgenes Road off U.S. Highway 101/Ventura Freeway in Calabasas, Calif., within the 101 Technology Corridor. Amenities at the hotel will include meeting space, indoor/outdoor dining and a lobby bar, an outdoor pool, a business and fitness center, and surface parking for approximately 150 cars. The loan provided funding in excess of 65 percent of total project costs and was provided by an international commercial bank.

2PMZ Realty Capital Completes $37.5 Million Bridge Loan for MC Hotel in Montclair, N.J.

PMZ Realty Capital LLC, a boutique real estate investment banking firm, completed a $37.5 million bridge loan for the new 159-key MC Hotel, part of Marriott’s Autograph Collection, in Montclair, N.J., on behalf of The Pinnacle Companies and The Hampshire Companies. The loan is a three-year term with a floating rate based on LIBOR and was funded by a public mortgage REIT. The MC Hotel is the first full-service hotel developed in Montclair, N.J., since 1938 and anchors the Montclair Center Gateway Redevelopment Plan, known as CentroVerde—a $120 mixed-use development. The property includes a rooftop bar and lounge with views of Manhattan, more than 8,500 square feet of meeting and event space, a farm-to-table restaurant, and a lobby library. This is the second loan arranged by PMZ Realty Capital for this project. The MC Hotel will be managed by the Aparium Hotel Group.

3Mosaic Real Estate Investors Funds $460 Million Construction Loan for Ritz-Carlton Portland

An affiliate of Mosaic Real Estate Investors has provided BPM Real Estate Group with $460 million in senior construction financing for a one-million-square-foot, mixed-use development in downtown Portland, Ore. The 35-story Block 216, which will encompass a full city block in Portland’s Central Business District, incorporates 160,000 square feet of Class A office space, a 251-key Ritz-Carlton (the first five-star hotel in Portland), 138 Ritz-Carlton-branded residences, and 7,800 square feet of ground-level retail. With financing in place, Portland-based BPM, led by its founder Walter Bowen, will formally break ground this summer. Construction is expected to be completed in 2023.

4Ryman Hospitality Properties Refinances Gaylord Rockies Resort

Ryman Hospitality Properties, a lodging REIT specializing in group-oriented, destination hotel assets in urban and resort markets, recently reported that the joint venture that owns Gaylord Rockies Resort & Convention Center has successfully completed the refinancing of its prior construction loan and mezzanine loan, which were scheduled to mature in December 2019. The new loan consists of an $800 million term loan and an additional $80 million of borrowing capacity should the joint venture decide to pursue a future expansion.  Ryman Hospitality Properties owns 61.2 percent of the Gaylord Rockies joint venture.

 


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