Separately, the firm's Advisory Services division says it closed a combined $160 million in financings in March and April. The properties involved are on the West Coast and in Hawaii.
The $25-million fund will invest in JV equity and mezzanine investments ranging from $1 million to $5 million each. It will look for a variety of property types for value-added and development transactions.
The recently completed financing deals included construction financing for the 520-unit Hyatt Regency Grand Coast Resort in Huntington Beach; the boutique, 77-room Santa Monica Hotel in Santa Monica; and the 135-bed Ala Lani Assisted Living Facility in Maui, HI.
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