SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to begin construction on 3rd & Broadway Promenade, a mixed-use project in downtown Santa Ana. Located in the southeastern suburbs of Los Angeles, 3rd & Broadway Promenade will feature a 16-story multifamily building, a 10-story hotel and an event center. The residential component will offer studio, one- and two-bedroom floorplans and 198 secured homeowner garages. The three-star hotel will feature 75 guest rooms, a rooftop conference facility, restaurant, bar and more than 13,500 square feet of retail and residential space. Additionally, 3rd & Broadway Promenade will feature a 204-space parking structure for the public. Construction is slated to begin in second-quarter 2024. Gensler is serving as architect for the project.
HYDE PARK, N.Y. —A partnership between locally based developer T-Rex Capital and Pennsylvania-based owner-operator Shaner Hotel Group is nearing completion of a 137-room, Marriott-branded hotel in Hyde Park, about 85 miles north of Manhattan. The hotel will be located within Bellefield at Historic Hyde Park, a $1 billion mixed-use development, and will operate under Marriott’s Residence Inn brand. Rooms will feature kitchens and workstations, and amenities will include a fitness center, 3,180 square feet of meeting space, a 150-person ballroom and multiple onsite food-and-beverage options. The hotel will welcome its first guests early next year.
RESEARCH TRIANGLE PARK, N.C. — An affiliate of NexPoint Advisors has acquired land within Research Triangle Park (RTP) for the development of a 250-room Marriott Renaissance-branded hotel. The buyer has partnered with Dallas-based developer Alamo Manhattan to deliver the project, which will be situated at 4175 Sancar Way within Hub RTP, a $1.5 billion mixed-use development serving as RTP’s downtown. Construction is scheduled to begin next summer. Dubbed Renaissance RTP, the property will feature a full-service restaurant and bar, as well as 13,000 square feet of meeting space. Upon full build-out, Hub RTP will comprise up to 1 million square feet of office and life sciences lab space, 38,000 square feet of retail space and 1,200 multifamily units, in addition to the hotel.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of a 136-room hospitality portfolio in Burlington, a city in southeast Iowa. The sales price was undisclosed. The portfolio includes the 60-room Fairfield Inn & Suites and the 76-room Holiday Inn Express & Suites. Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the seller and procured the buyer, which completed a 1031 exchange.
ANAHEIM, CALIF. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $29 million first mortgage floating rate bridge loan to refinance SunCoast Park Hotel Anaheim, located at 1640 S. Clementine St. in Anaheim. The borrower is Irvine-based SunCoast Properties. Part of the Tapestry Collection by Hilton, the select-service hotel features 174 guest rooms. The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Robert Douglas, which advised SunCoast Properties. Tremont Realty Capital is an affiliate of The RMR Group.
SEDONA, ARIZ. — MIG Real Estate has completed the sale of Sedona Real Inn & Suites, a hotel in Sedona, just south of Flagstaff. Wyoming-based Crystal Creek Capital purchased the property for an undisclosed price. Scott Hall, Aaron Lapping and Spencer Scott of Berkadia Hotels & Hospitality represented the seller in the deal. Sedona Real Inn & Suites features 89 guest rooms.
BOSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of the 164-room Copley Square Hotel in Boston’s Back Bay area. The seven-story boutique hotel was recently renovated and offers a fitness center, communal kitchen and multiple onsite food-and-beverage options. Mike Huth, Amy Lousararian, Maddie Blount and Brandon Smith of JLL arranged the loan through an undisclosed lender on behalf of the borrower, Hawkins Way Capital.
TRUCKEE, CALIF. — JLL Capital Markets has arranged $22.5 million in acquisition financing for The Hampton Inn & Suites Tahoe-Truckee. The property is located in Truckee, just north of Lake Tahoe and west of the Nevada border. Jordan Angel, Mike Huth and Ethan Habecker of JLL Capital Markets secured the loan from MetLife Investment Management for the borrower, JMA Ventures LLC. The Hampton Inn & Suites Tahoe-Truckee features 109 guest rooms and suites spread across two buildings, a heated outdoor pool, hot tub, fitness center and more than 1,000 square feet of meeting space. The hotel offers access to major transportation routes, including Interstate 80, CA 267 and the Truckee Airport, as well as bike lanes.
LEWISVILLE, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 48-site mobile home park in the northern Dallas suburb of Lewisville. Lewisville Mobile Home Park spans 217,800 square feet and consists of 31 mobile home lots, 17 RV lots and one single-family residence. Arthur Varela, Kevin Puder, and Chad Kurz of Matthews represented the buyer, which acquired the property via a 1031 exchange, in the off-market transaction. The property was fully occupied at the time of sale.
YARMOUTH, MASS. — JLL has negotiated the sale of the 128-room Bayside Resort Hotel in Yarmouth, located at the base of Cape Cod. The hotel sits on a 3.9-acre site and offers amenities such as an indoor and outdoor pool, fitness center, family fun center and over 2,300 square feet of meeting and event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as Bayside Yarmouth LLC.