Hankey Capital Provides $ 29 Million Refi to Le Méridien Pasadena Arcadia Hotel – Commercial Observer
Hankey capital provided $ 29 million in bridge funding for the Le Méridien Pasadena Arcadie Hotel in the San Gabriel Valley, Los Angeles County, learned Commercial Observer.
Château Group United States is the owner and borrower of the 234 bedroom property in 130 Huntington Drive West, adjacent to Santa Anita Racecourse and Arcadia Town Hall. The property received a certificate of occupancy last month, and it will be managed by Pacifica Hotels. It was designed by Linda Snyder Partners and AO Architects, and it includes over 14,000 square feet of event space as well as a new catering space.
“This is the second transaction with this group of borrowers, so for Hankey Capital this is an indicative bridge loan for us – an underlying property in a good location, attractive terms and a high net worth borrowers committed to a long-term strategy. hold on, ” Priyesh R. Bhakta, head of Hankey’s bridging loan platform, in a statement to CO. “We keep it simple and straightforward, intentionally avoiding the brain damage of complicated structured terms. “
The loan from the company’s parent company, based in Los Angeles Hankey Investment Company, and a new PACE loan – funds used for clean energy projects – repaid both a 2019 construction loan of ACRES Capital and EB-5 investors.
Hankey Capital is a prime lender active throughout the state and in all types of commercial property. Hankey investment recently acquired rights for a Development of 432 units in the San Fernando Valley, and also recently completed a $ 300 million mixed-use project in Koreatown, called Kurve, with 644 units.