CUPERTINO, CA—CBRE Capital Markets' Debt & Structured Finance team has secured $32 million in non-recourse financing for the Hilton Garden Inn, a 164-room, limited-service hotel in Cupertino.
John Nelson of CBRE's San Francisco office arranged the financing on behalf of the borrower, a partnership between Terracommercial Inc. and Heil and Associates. The fixed-rate, permanent financing was provided by a Wall Street lender and will be used to refinance the property.
Of the financing, Nelson said, “This was one of the most competitive financings I have seen given the outstanding location of this asset, experience of the sponsors and management company, and extremely favorable financing metrics.”
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