April 18, 2017 Comments Off on Financing Arranged for $70M Hotel Views: 368 California News, San Diego

Financing Arranged for $70M Hotel

Woodland Hills, CA-based Peak Finance secured a financing package for The Carte Hotel & Suites, by the Curio Collection by Hilton, a new $70-million hotel development in San Diego’s vibrant Little Italy neighborhood. The development team, San Diego Carte Hotel, LP and Pierpoint Management, is under construction on the 14-story downtown property located at 401 W. Ash St. that is slated to open in 2018.

Peak sourced a combination of senior construction financing and a preferred equity investment to secure $49.8 million in construction financing on behalf of the borrower.

The new boutique hotel will feature 228 rooms plus 12 luxury suites, and an indoor and an outdoor rooftop bar and event venue overlooking the San Diego skyline. Additionally, a 30,000-square-foot upscale, full-service, locally-based athletic club and spa is planned, as well as a wine and tasting room.

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