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10/16/15
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Meridian Capital Group arranged $44.5 mil in acquisition financing for the purchase of The Citizen Hotel, a 196-room hotel property in Sacramento. The borrower was a SoCal-based private equity firm.
The Citizen Hotel, a landmark in Sacramento, was designed by famed architect George Selland in the early 1900’s. The hotel also includes Grange Restaurant and Bar, a top rated “farm to fork” restaurant in the United States.
The 14-story hotel is located at 926 J St, just east of I-5 in the city’s downtown area. It is conveniently situated within blocks of the California state Capitol Building and the Golden 1 Center, a brand new stadium nearing completion that will be the home to the Sacramento Kings, as well major local events such as concerts and other indoor sports.
The interest-only loan, provided by a national debt fund, features a LIBOR-based floating-rate and two one-year extension options following the initial three-year term. Meridian’s Seth Grossman and Sarah Kuebler, who are both based in the company’s Carlsbad office, arranged the deal.
“At closing, the property was immediately converted to a Marriott Autograph Collection hotel and included in the Marriott global reservation system. The hotel will benefit significantly from the traffic driven by Marriott, as well as from local activity increasing due to the new stadium and the overall mass-transformation and economic influx happening in Sacramento,” said Mr. Grossman.
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