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BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center.
Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004.
The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component.
Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.