CBRE Hotels Secures $71M Refinancing for Embassy Suites by Hilton Anaheim Near Disneyland Resort
GARDEN GROVE, CALIF. — CBRE Hotels has arranged $71 million loan for the Embassy Suites by Hilton Anaheim South, located at 11767 Harbor Blvd. in Garden Grove. Landmark Cos. is the borrower.
Marc Sallette, Olga Lepow, Cara Leonard and Charlie Ryan of CBRE Hotel’s Debt & Structured Finance facilitated the 10-year, fixed-rate, interest-only loan to refinance existing debt.
The debt is split into a $56 million senior mortgage to be securitized by Deutsche Bank, while Artemis Real Estate Partners provided a $15 million junior mezzanine loan to be held on book. The majority of the new mortgage is extinguishing existing loans. Additionally, Landmark is undertaking a five-year, $16 million renovation of the hotel in conjunction with the financing.
Landmark developed the 375-room hotel, which is located near Disneyland Resort, in 2001.