December 7, 2018
Landmark Companies secured a $71-million fixed-rate loan for the 375-key Embassy Suites by Hilton Anaheim, South hotel near Disneyland Resort in Garden Grove, CA. Landmark developed the property at 11767 Harbor Blvd. in 2001, and the majority of the new mortgage is extinguishing existing loans.
CBRE Hotel’s Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan jointly facilitated the 10 year, fixed-rate interest-only loan to refinance the existing debt.
The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real Estate Partners provided the $15 million junior mezzanine loan. The owner is also undertaking a five-year, $16 million renovation of the hotel in conjunction with the financing.
CBRE’s Sallette says, “We anticipated strong interest in this financing request due to both the quality of the brand and its proximity to several of SoCal’s iconic demand generators, as well as the thriving hospitality market.”
For comments, questions or concerns, please contact Dennis Kaiser