Marriott Walnut Creek

Location: Walnut Creek, California

Size: $39,280,000

Challenge: Quick Close

Type: Bridge Loan

Our client had entered into a contract to sell this hotel but was having misgivings as the Bay Area market kept posting huge RevPAR gains.  Nevertheless, the hotel needed a $12 million PIP to remain a Marriott, and our client had a maturing loan with a hard money lender that was trigger happy.  When the buyer started fading, we gave our client the confidence to pursue a refinance instead.  Due to the recent increase in NOI, we were able to execute a 5 year fixed rate loan with mezz to fully fund the PIP at a cost savings of several hundred basis points and close in three weeks.