SANTA BARBARA, CALIF. — Concord Summit Capital has arranged $16.5 million in C-PACE construction financing for Marriott Tribute Hotel, a hospitality project underway in Santa Barbara. Tyler Beauregard of Concord Summit Capital sourced the financing through Hall Structured Finance on behalf of the borrower, Newport Beach, Calif.-based Stratus Development Partners.
Marriott Tribute Hotel will offer 105 guest rooms and a rooftop amenity space overlooking the Pacific Ocean. Construction is slated to commence this month with completion scheduled for 2027.
Stratus Development Partners is a full-service developer with more than 60 years of combined institutional real estate experience and a track record spanning more than $1.5 billion in development across high-barrier-to-entry markets.