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7/28/17
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InfiniPower Hospitality Group has obtained $54 mil in construction financing for the development of two four-story, co-branded Marriott hotels in North San Jose. The properties will consist of a 147-room Marriott Residence Inn and a 114-room Fairfield Inn & Suites.
The 60-month fixed and floating structured financing included $19 mil in preferred equity from Canyon Partners Real Estate and approximately $35 mil provided by the senior lender, CapitalSource. It was arranged by John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team. Johnson Hospitality, an experienced hotel manager, will manage the assets for the sponsors, and Huff Construction will serve as the general contractor for the project.
“Despite an extremely challenging capital markets environment for construction financing and particularly hospitality financing, we were able to attract numerous capital sources and secure a very competitive financing solution for the sponsors that provided the flexibility they needed,” said Mr. Nelson, executive vice president, CBRE.
The development site is located on America Center Court, contiguous to the America Center Office Park in “the Golden Triangle” area of Silicon Valley, and is bounded by Highways 237, 101 and 880.
Centrally located in the heart of Silicon Valley, one of the strongest hospitality markets in the country, the project will benefit from the hotbed of surrounding tech companies such as Cisco, Adobe and Hitachi. The project is also located within one mile from Levi Stadium and Great America Theme Park in addition to its proximity to the San Jose International Airport.
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