Sheraton Gateway Los Angeles
LOS ANGELES-The 802-room Sheraton Gateway Hotel Los Angeles has been refinanced for $47.5 million, and the Rancho Penasquitos Towne Center in San Diego for $25.6 million, in two separate transactions. Financing for both of the properties was arranged by HFF.
HFF worked on behalf of borrower SheLAX Hotel LLC, in the financing of the Sheraton Gateway, which is adjacent to Los Angeles International Airport, to secure the refinancing through a German bank. The managing member of SheLAX Hotel LLC is an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC. Long Wharf is a Boston-based private equity real estate investment manager formed in July 2011 following the spin-out of the Fidelity Real Estate Group from Fidelity Investments.
The Sheraton Gateway is situated on 5.7 acres at 6101 W. Century Blvd., about an eighth of a mile from the entrance to LAX. Renovated between 2003-2007, the hotel features 48,000 square feet of function space, 38 meeting rooms, an 11,400-square-foot grand ballroom and two on-site restaurants, Paparazzi and Brasserie Restaurant. Additional amenities include a business center, fitness center, outdoor pool, Starbucks and complimentary shuttle service to and from LAX.
Rancho Penasquitos Towne Center
The HFF team representing the borrower was led by senior managing director Tim Wright and associate director Zack Holderman.
In the San Diego refinancing, the owners of the 179,000-square-foot Rancho Penasquitos Towne Center Phase I and II have refinanced the neighborhood and community shopping center with two CMBS loans, one of $14.5 million for phase one of the center and another of $11.1 million for phase two. HFF arranged the $25.6 million in two separate financings on behalf of Rancho Penasquitos Towne Center I LP and Rancho Penasquitos Towne Center II LP. According to the HFF team, which was led by associate director Zach Koucos and managing director Robert Delitsky, both loans are 10-year, fixed-rate securitized financings through Deutsche Bank Mortgage Capital-CMBS.
Rancho Penasquitos Towne Center is situated north of Highway 56 at Black Mountain Road in San Diego. It is owned by a joint venture consisting of affiliates of UBS (85%) and Kimco Realty Corp. (15%). The center is anchored by a 40,000-square-foot Von's grocery store and a 22,000-square-foot Rite Aid (both of which are not part of the collateral) and includes in-line retail space leased to JP Morgan Chase Bank, Starbucks, State Farm Insurance, Bank of America, Subway and GNC. As of June 30, the property was 91% occupied.
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