Residence Inn

Sep 12, 2017

Residence Inn

$8.50M Bridge Loan

A 96-room Residence Inn flagged hotel.

Livermore, CA

The client engaged Highland Realty Capital to arrange an $8.5mm 3-year bridge loan to refinance a 96-room Residence Inn in Livermore, CA. Our client wanted prepay flexibility as it anticipates receiving final approvals to develop a new two tower, 221-room Hyatt House and Hyatt Place. The bridge loan proceeds were used to refinance an in-place conduit loan. HRC negotiated a 3-year, 35% LTV bridge loan with favorable prepay options at a rate of 2.50% over the 3-year Treasury.
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