GF Properties Gets $25M Loan for SpringHill Suites Project
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.
By Alex Girda, Associate Editor
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
You must be logged in to post a comment.