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5/23/12
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CBRE’s Capital Markets Debt & Equity Finance division has arranged $35 mil in financing for the 156-room Marriott Residence Inn (MRI) in Los Altos. The property is located at 4460 El Camino, in the heart of Silicon Valley, roughly four miles from Stanford University and near to many of the world's largest technology corporations.
The MRI is a premier Extended Stay hotel with amenities including outdoor pool, whirlpool, sport court, exercise room and business center. The property is owned by Sand Hill Property Company, which originally built the hotel in 2001. Since its opening, the hotel has always been highly ranked within the Marriott system and has won numerous awards, including the “Platinum award,” which is the highest award given to Marriott branded hotels for guest satisfaction.
The CBRE Debt & Equity Finance team of John Nelson, Executive Vice President; Jim Korinek, Executive Vice President; and Michael Walker, Senior Analyst of CBRE’s San Francisco office originated the loan. The non-recourse financing was funded by J.P. Morgan Chase Bank N.A. with a rate that is fixed for 10 years.
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