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February 21, 2024
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Commercial Real Estate Financing Briefs

12/05/23

The Hampton Inn & Suites, Truckee, CA
The Hampton Inn & Suites, Truckee, CA
CAPITAL MARKETS - Jordan Angel, Mike Huth and Ethan Habecker with JLL Capital Markets arranged $22.5 mil acquisition financing for The Hampton Inn & Suites in Truckee, CA on behalf of JMA Ventures LLC. The property features 109 guestrooms and suites across two buildings, a heated outdoor pool and jacuzzi, fitness center and over 1k sf of meeting space. Truckee is a High Sierras California mountain town, which is popular for visitors driving from the San Francisco Bay Area and is considered the gateway to Lake Tahoe. The Hampton Inn & Suites, Tahoe-Truckee provides convenient access to major transportation routes including I-80, CA 267, the Truckee Airport, as well as newly constructed bike lanes. The property is situated by popular tourist attractions and prime destinations in the area, such as Northstar and Palisades Tahoe ski resorts, Martis Camp, Old Town and a host of outdoor activities. The loan was funded through MetLife Investment Management, a lender with an expertise in hospitality lending, led by Mike Pace, Mike Coen and Dan McKenzie.

GANTRY - Braden Turnbull, George Mitsanas and Austin Ridge with Gantry have secured a total of $21.6 mil in construction-to-permanent financing for the development of a 33.7k sf grocery-anchored retail project located at 11265-11321 Ventura Blvd in Studio City, a submarket within the city of Los Angeles. The borrower is a private real estate entity. The five-year, construction-to-permanent loan was provided by one of Gantry’s correspondent lenders, offering an attractive fixed-rate and interest-only terms over the life of the loan.

BANDON CAPITAL ADVISORS - Bryan Kenny with Bandon Capital Advisors secured $20 mil for the refinancing of a seven-acre site with industrial outdoor storage (IOS) and a 27.4k sf industrial building in El Monte on behalf of a private investor. Leased to a Fortune 500 company, the asset is ideally located in the San Gabriel Valley directly across the street from its key distribution facility. The industrial building on the site features the bonus of rooftop parking, maximizing the overall onsite parking capacity. The loan was funded through a life company lender.

BWE – Mike Guterman with BWE secured a $12 mil preferred equity investment to finance the acquisition of a portfolio of student housing near the campus of the University of Illinois Urbana-Champaign on behalf of a major East Coast student housing owner and operator. The 74-property portfolio consists of a mix of single-family and small multifamily properties, totaling 616 beds across 170 units. Acquired from a multigenerational ownership group that had held the properties for 100 years, the sponsor will renovate and redevelop some of the properties to add value to the portfolio. According to Guterman, they were able to get up to 80% combined LTC, which enabled the sponsor to acquire the portfolio using private, HNW investors for the LP capital. The capital stack includes a five-year, 60% LTC senior loan from a Midwest regional bank that was locked in before the most recent rate spike.




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