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8/13/19
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MERIDIAN CAPITAL GROUP - Seth Grossman, Steven Adler and Jackie Tran with Meridian Capital Group arranged $23.1 mil in acquisition financing for the purchase of the Hilton Garden Inn San Diego Mission Valley Stadium hotel. Located at 3805 Murphy Canyon Rd, the recently renovated Hilton Garden Inn San Diego Mission Valley is a top-shelf, select-service hotel standing four stories tall and consisting of 178 guestrooms inclusive of 17 upgraded suites. The property was transformed from a Holiday Inn into a Hilton Garden Inn with a $10 mil renovation that was completed in July 2016 and featured upgrades to the hotel’s guest rooms, guest bathrooms, lobby, front desk, 5k sf of meeting space, and onsite restaurant and bar. The property also offers a heated outdoor pool and spa, fitness center, business center, and guest laundry. The 10-year CMBS loan features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule.
MARCUS & MILLICHAP CAPITAL CORP – Rick Judge and Preston M. Davey with Marcus & Millichap Capital Corp have arranged a $12.7 mil bridge loan for the purchase of a 100.2k sf shopping center in Rancho Cucamonga. The debt placement is a floating rate program starting at 6% with a five-year term and 12 months of interest-only. The loan-to-value is 71%
GREYSTONE – Greystone has provided an $8 mil Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 30-acre manufactured housing property in Hemet. The transaction was originated by Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC. The loan carries a 10-year term with a 30-year amortization period at a low, fixed rate, with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize their existing equity in the property. Situated on 30.66 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates is an age-restricted manufactured housing community offering 267 single- and double-wide pads. Residents have access to two community clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. The property is close to the cities of San Jacinto, Lakeview, Riverside and San Bernardino, and is 85 miles from Los Angeles.
NORTHMARQ CAPITAL - Marty Meagher and Gardiner Champlin with NorthMarq Capital secured a $7.6 mil refi loan on Seawind Seniors Apartments, a 101-unit residential property located at 4450 South Saviers Rd in Oxnard. The permanent-fixed loan was structured with a 10-year interest-only term and was funded through Fannie Mae.
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