$59M Hotel Construction Loan;

Property:

A to-be-built 208-room full-service hotel, consisting of two 4-story buildings and a 340-space parking structure, plus including a restaurant/bar and 10,000 square feet of meeting space

Location:

Monterey, CA

Financing:

A $59,000,000 construction loan, secured by a 99-year leasehold interest in the land, and representing nearly 75% LTC. The loan was structured with a 5-year term to allow plentiful time for stabilization. The property was originally slated to carry a 4.5-star flag, but because of favorable capital markets feedback, the Borrower decided to unflag the property, creating substantial additional cash flow and value.