New Residence Inn in California Receives $41M Loan

Jan 16, 2020 - Commercial Property Executive

Despite having just opened with no operating history, the latest Residence Inn in Walnut Creek, Calif., has secured mortgage financing with the help of Sonnenblick-Eichner. The non-recourse LIBOR-based loan was funded when the extended-stay hotel finished construction and opened. The loan was for $40.5 million, according to the lender ACORE Capital, and the borrower was a group led by RevPAR Cos., according to a Commercial Real Estate Direct report.

Having just opened in December, the 160-...