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7/22/24
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Courtyard by Marriott San Jose-Campbell |
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JLL CAPITAL MARKETS -- Tim Wright, Olga Wash and Jack Wood with JLL Capital Market arranged $43.8 mil in bridge financing for the Courtyard by Marriott San Jose Campbell, a 162-key hotel located in the heart of the Silicon Valley, on behalf of Huntington Hotel Group. The Courtyard San Jose Campbell offers a range of amenities including a spacious outdoor pool, fitness center, bar and restaurant, breakfast buffet and ample meeting space. The property recently underwent a $2 mil renovation from 2017 to 2018, which transformed the lobby into a state-of-the-art space with guest-centric design and features such as media pods, a lobby lounge, an outdoor patio and a fire pit.
With seamless access to major highways including Highway 17, 85, Interstates 280 & 880 and US 101, as well as being just a 10-minute drive to San Jose's International Airport (SJC), the Courtyard by Marriott San Jose Campbell offers unparalleled convenience for both business and leisure travelers. Furthermore, the property is conveniently located less than three miles away from JLL's newest office located in Santana Row in San Jose.
Silicon Valley, home to thousands of Fortune 1000 high-tech corporations and startups, provides an ideal setting for the Courtyard San Jose Campbell. Situated at 655 Creekside Way, the hotel enjoys close proximity to industry leaders like Apple, Intel and Google, all within a convenient twenty-minute drive.
The new floating rate loan through Prime Finance has a term of up to five years including extensions. The JLL team has been involved with the project since its inception and arranged construction-to-permanent financing for the hotel in 2008. Proceeds of the refinance were used to retire that facility, as well as provide funds for the upcoming brand-mandated Property Improvement Plan (PIP).
The Mercer Apartments, Mercer Island, WA |
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GANTRY -- Mike Wood and Alicia Sabanero with Gantry secured a $40 mil permanent loan to refinance The Mercer Apartments, on behalf of a private real estate investor. The multifamily property is located at 7650 SE 27th Street and 2558 76th Ave SE on Mercer Island, a Puget Sound community positioned between Seattle and Bellevue, WA. The unit mix includes studio, one-, and two-bedroom floorplans, with amenities ranging from BBQ areas and an outdoor heated pool and spa to a community clubhouse, fitness facilities, and concierge services. The Mercer’s street-fronting retail space is leased to a range of tenants, including a restaurant, nail salon, and interior design studio and showroom.
The 10-year life company non-recourse loan provided an attractive fixed rate with full term interest-only payments. According to Wood, insurance companies remain one of the most consistent sources for permanent debt on stabilized, performing properties. Mercer is a superior class A property at a superlative location offering strong long-term fundamentals with a conservative client operating and maintaining the property to its best and highest potential.
PRIORITY CAPITAL ADVISORY -- Zachary Streit and Aiden Moran with Priority Capital Advisory arranged $21.6 mil in financing on behalf of EGC Real Estate Group to recapitalize Kanvas, its recently completed 67-unit apartment building in Los Angeles’ Koreatown submarket. Financing was provided by BOLOUR.
Situated in the heart of Koreatown, Kanvas features a diverse unit mix including 13 studios, 33 one-bedroom, and 21 two-bedroom units, seven of which have been set aside as affordable.
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