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Property

An 83-room hotel located in the Union Square area of San Francisco.  The property was converted to boutique hotel and renamed The Mystic Hotel by Charlie Palmer.  As part of the redevelopment, ownership opened The Burritt Room, a Charlie Palmer restaurant and bar

Location

417 Stockton Street, San Francisco, CA

Financing

A $20,000,000 refinancing equating to a 80% LTV and was comprised of a $15,000,000 senior loan provided by a money-center bank and a $5,000,000 mezzanine loan.  The refinancing allowed the ownership to cash-out approximately $5,000,000 of capital which enabled them to acquire another hotel property in Napa Valley.