October 15, 2015
America’s most active debt broker, Meridian Capital Group, has negotiated an acquisition financing deal at the tune of $44.5 million for the Citizen Hotel in Sacramento, CA, on behalf of a private equity firm based in Southern California.
Managing Director, Seth Grossman, and Associate, Sarah Kuebler, from the firm’s Carlsbad office negotiated the deal– an interest-only loan, featuring a LIBOR-based floating rate and two one-year extension options following the initial three-year term.
The Citizen Hotel, designed by George Selland in the early 1900s, is a Sacramento landmark that boasts 196 rooms. The property, at closing, was converted to a Marriott Autograph Collection hotel, which according to Grossman, will increase the hotel’s traffic.