GF Properties Gets $25M Loan for SpringHill Suites Project
- Aug 08, 2012
GF Properties Group L.L.C. has obtained a $25.1 million loan for construction of the Marriott SpringHill Suites development in Oceanside, Calif. A team from Holiday Fenoglio Fowler L.P. consisting of managing directors Aldon Cole, Matt Kafka, and associate director Zack Holderman arranged the financing.
The SpringHill Suites hotel will be built on a site located at the southeast corner of North Myers Street and Mission Avenue. Scheduled for completion in late 2013, the hotel will be part of a mixed-use development that will also include 231 residential units and 49,000 square feet of commercial space.
Entitlements for the five-block urban infill development have been in place since 2008, according to information on GF Properties’ website. The five-acre site near the Pacific Ocean will offer easy beach access.
HFF secured three-year financing for the SpringHill Suites project at 65 percent loan-to-cost through US Bank. GF Properties handles national investments and operates real estate companies as a wholly-owned subsidiary of the Southern Ute Indian Tribe.
Rendering courtesy of gfpropertiesgroup.com