CBRE Arranges $13.75 Million in Financing for the Development of a Hotel in Fontana
28 1月 2020
CBRE Capital Markets' Debt & Structured Finance group has secured $13.75 million in non-recourse financing for Hilton Garden Inn, a 115-room, limited-service hotel located at 10543 Sierra Avenue in Fontana, California.
John Nelson and David Kaim of CBRE’s San Francisco office arranged the financing on behalf of the sponsorship, Fontana Hotel Group, LLC. The fixed-rate permanent financing was provided by a major Wall Street firm.
Of the financing, Mr. Nelson said, “this financing was highly sought after by a number of capital sources given, among other things, the property’s position as the only nationally branded hotel in Fontana, a strong hotel market that’s continuing to strengthen with additional demand generated by the expansion of the distribution sector and the excellent sponsorship and management.”
The asset, located in Fontana, approximately 50 miles east of Los Angeles, is part of a region known as the Inland Empire, one of Southern California’s fastest developing markets. The hotel is located near some of the busiest transportation corridors in Southern California.
The hotel benefits from a demand mix that comprises corporate, leisure and group. RevPar at the property continues to increase along with occupancy.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.