By Ariela Moraru
Stratus Development Partners LLC is developing two Cambria Suites in California which are slated for completion in 2019. Hall Structured Finance closed two new first lien loans totaling $42 million to finance the construction of the properties in Sonoma County and Napa Valley, which is scheduled to begin next month. Scott Silver, chairman of Hospitality Funding Inc. and Silver & Associates LLC, brokered the loans. The brand debuted in California in May of this year.
“The strength of tourism in the Napa Valley and Sonoma wine industries will be a major demand generator for these hotels,” said Mike Jaynes, president of Hall Structured Finance, in prepared remarks. “There are very few sites left in the region that are entitled for hotel development and we are confident that these Cambria products will be very successful in the area’s current hotel market.”
$30 million projects
HSF arranged a $19.8 million first lien construction loan to develop the Cambria Suites in Napa, a 90-key hotel centrally located at 320 Soscol Ave., just 1.5 miles south of downtown Napa. Property amenities of the four-story asset will include a restaurant, outdoor pool, fitness center, guest laundry facilities, business center, sundry shop and 2,012 square feet of meeting space. Stratus purchased the 2.5-acre parcel from George Altamura Enterprises for $5.3 million for the development of the $30 million project, according to North Bay Business Journal.
HSF is also providing a $22.1 million first lien construction loan for the development of the 135-key Sonoma Cambria Hotel, estimated also at $30 million. Located at 5870 Labath Ave. in Rohnert Park, the asset is next to several wineries and within a few miles from Sonoma State University and the Graton Resort & Casino. Designed by Hannouche Architects, Sonoma will have the same build, aesthetics, appeal and amenities as the Napa.
Images courtesy of HSF