June 20, 2017
Los Angeles-based Continental Partners secured $20.5 million in fixed-rate, non-recourse refinancing for the Sheraton Garden Grove-Anaheim South Hotel, a 285-room hotel near the Disneyland theme park. The five-year fixed-rate loan, priced in the low 5% range, is sized to 65% of cost with a 30-year amortization schedule and a debt coverage ratio of 1.40.
The financing was arranged by Continental Partners’ Mitch Paskover, who says, “The Orange County hotel sector is experiencing remarkable growth and outperforming other U.S. markets. Driven by a thriving tourism industry, the region’s hotel market continues to demonstrate annual RevPAR growth and occupancy rates that are above national averages.”
The Sheraton Garden Grove-Anaheim South Hotel is a 186,000-square-foot, seven-floor building on 3.1 acres located at 12221 Harbor Blvd. in Garden Grove, CA.
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