CBRE Arranges $15.5M in Development Financing for 124-Room Home2Suites in Southern California
GARDEN GROVE, CALIF. — CBRE has arranged $15.5 million in financing for Garden Grove Hotel LLC, a private buyer, for the development of a Home2Suites hotel in Garden Grove.
Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh of CBRE facilitated the loan. The financing features an 18-month floating-rate period during construction that will convert into a fixed-rate loan for 36 months with two one-year extension options. The lending amount represents 73.5 percent of total project costs.
Located at 13650 Harbor Blvd., the 124-unit hotel is currently under construction, with completion slated for late 2020.