The developer of the Cambria Hotel Calabasas has secured construction financing for the 125-room hotel project. The $29 million loan is in excess of 65% of total project costs.
The deal was popular among lenders, with eight total offers the fund the project from international, regional and community banks, as well as debt funds. Ultimately, an international bank won the deal. Sonnenblick-Eichner Co. arranged the financing on behalf of the unnamed borrower.
Located on Las Virgenes Road in Calabasas, the hotel project will include meeting space, indoor/outdoor dining and a lobby bar, an outdoor pool, a business and fitness center, and surface parking for approximately 150 cars.
|Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.