San Francisco Residence Inn Secures $26M Refi

Residence Inn by Marriott has secured $26 million in refinancing for its 160-key Walnut Creek property in California, near San Francisco. A Wall Street investment bank provided the fixed-rate, five-year loan, while Sonnenblick-Eichner Co. oversaw the deal.

The non-recourse note replaces an interim, floating-rate, bridge loan.

Located at 2050 N. California Blvd., the property sits just off Interstate 680, offering easy access across northern California. Residence Inn by Marriott Walnut Creek is within walking distance of several dining options and tourist attractions, including multiple trails and parks.

The six-story building hotel comprises studios, corner studios and one-bedroom suites, totaling 160 units. Additionally, all units have kitchens or kitchenettes.

Shared amenities at the property encompass an indoor pool, fitness center and business center, convenience store, on-site laundry and restaurant, outdoor patio, barbecue area, as well as an 870-square-foot meeting space. The property is pet-friendly and smoke-free. Moreover, some 140 parking spaces are at underground level.

Another recent hospitality refinancing made headlines in the West last week, as the historic CalNeva resort obtained $298 million for its remodeling into Lake Tahoe Proper Resort and Casino. The transaction included the largest C-PACE loan in the history of Nevada.