Mr Cs Hotel
$41,500,000 Hotel Loan from CMBS
PSRS placed a bridge loan on a boutique hotel in Los Angeles, CA. The loan was unique in that it was a recently refurbished hotel with very little operating history and a condominium construction component. In addition, 25% of the property income came from the restaurant. The loan was made to a sophisticated sponsor and provides the opportunity for the property owner to complete the construction portion of the property, gain seasoning on the hotel’s performance, and be in position for permanent financing in the next few years.