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3/29/16
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Holliday Fenoglio Fowler, L.P. has secured $49.85 mil in first lien construction financing for the development of the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The borrower is , R.D. Olson Development.
The four-story, select-service hotel will feature 1.5k sf of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel will be completed in 2017.
Located in San Carlos, an affluent Silicon Valley suburb halfway between San Francisco and San Jose, the hotel will sit on a 3.92-acre site at the northeast corner of Industrial Rd and East San Carlos Ave. Hwy 101 runs along the eastern boarder of the site, which is next to San Carlos Airport and near some of the world’s largest tech companies.
James Fowler of HFF arranged the three-year, floating-rate loan with two one-year extensions through a diversified financial services company. Loan proceeds will be used to develop the hotel.
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