July 28, 2017
CBRE Capital Markets’ debt and structured finance team arranged $54 million in construction financing for the development of two four-story, co-branded Marriott hotels in North San Jose. The properties will consist of a 147-room Marriott Residence Inn and a 114-room Fairfield Inn & Suites that will share a lobby and common areas.
The 60-month fixed and floating structured financing included $19 million in preferred equity from Canyon Partners Real Estate and roughly $35 million provided by the senior lender, CapitalSource. CBRE’s John Nelson and Erik Franks arranged the financing on behalf of the sponsorship, Saratoga, CA-based InfiniPower Hospitality Group.
The 6.7-acre development site is located on America Center Court, within the America Center Office Park in Silicon Valley’s Golden Triangle, near Highways 237, 101 and 880. It is close to Google’s HQ, as well as the Levi Stadium sports complex. The project is anticipated to deliver by mid-2019.
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