ROBERTDOUGLAS ADVISES 15TH & L INVESTORS, LLC ON THE REFINANCING OF THE RESIDENCE INN SACRAMENTO DOWNTOWN
RobertDouglas announced today that it advised 15th & L Investors, LLC on the refinancing of the Residence Inn Sacramento Downtown at Capitol Park. The $26 million first mortgage financing was provided by a national life insurance company.
The 235-key hotel is ideally located on the northeast corner of Capitol Park, one block away from the Sacramento Convention Center Complex, and is the only property in the Marriott brand family located in downtown Sacramento. The Residence Inn is recognized as the leading extended stay property in the market, featuring 900 square feet of meeting space, one full-service restaurant, complimentary hot breakfast, a business center, an outdoor swimming pool and whirlpool, a fitness center, and on-site parking. Built in 2007, the high-rise property was ranked near the top in overall guest satisfaction according to the 2012 JD Power’s North America Hotel Ratings for extended stay properties. In addition to the hotel, the top three floors contain 30 residential condominium units that were not part of the collateral package.
“15th & L Investors astutely sought to take advantage of the historically low-interest rate environment by locking in an attractive rate for ten years,” noted Stephen O’Connor, Managing Director and Principal at RobertDouglas. “By running a competitive process, we enabled the partnership to maximize their financing options despite a high level of structuring complexity given the mixed-use nature of the building.”
Chris Ropko, Director at RobertDouglas, added, “We surveyed a broad range of lender profiles with this offering amid a period of relatively high market volatility. We were pleased to present a proposal from a national life insurance company offering highly attractive terms and superior flexibility that met our client’s long-term vision for this premier lodging property.”