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Neptune Arranges $25M Deal for Radisson

SAN DIEGO-The local firm arranges senior financing for the 333-room Radisson Hotel Harbor View in Downtown. The 23-story property was originally developed in 1990.

By Daniel D. Williams | Updated on March 09, 2006

(To read more on the debt and equity markets, click here.)

SAN DIEGO-The local hotel market keeps humming along with investment deals, new construction and refinancing opportunities taking place. Recently, the Radisson Hotel Harbor View picked up senior financing as owners gear for a rehab.In the deal, local firm Neptune Hospitality Advisors arranged $25 million in senior financing on the Downtown property, which was originally developed in 1990. Neptune arranged a five-year fixed rate loan through a national commercial real estate lender, according to company officials.”Our unique auction style process resulted in the highest proceeds at the lowest effective cost of borrowing,” says Stan Kozlowski, vice president of Neptune Hospitality Advisors.The 23-story, full-service hotel counts 333-rooms and is located in the Marina/Little Italy section of town. The property’s owner, locally based American Property Management Corp., is planning a comprehensive renovation of the property.APMC is in a growth mode. The local outfit was recently ranked as the seventh largest independent hotel management company and the 15th largest hotel owner in separate, independent hospitality surveys.As for Neptune, the firm has been very active of late, having acted as advisor to the Saint Paul Port Authority in the sale of the 475-room Radisson Riverfront and the 250-room Radisson City Center hotels in Saint Paul, MN.Company officials say good deals are still out there for the taking. “Historically speaking, even though current pressure has been and is clearly towards rising interest rates, financing can still be obtained at very attractive levels,” says Gavin Davis, director of Neptune Hospitality Advisors. “Interest rate spreads remain at all-time lows.”

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