Marriott Walnut Creek
Location: Walnut Creek, California
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.