{"id":1004147695,"date":"2016-07-08T14:03:25","date_gmt":"2016-07-08T22:03:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147695"},"modified":"2022-03-04T00:36:11","modified_gmt":"2022-03-04T08:36:11","slug":"baldwin-park-courtyard-by-marriott-refinanced-by-continental-funding-group","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/baldwin-park-courtyard-by-marriott-refinanced-by-continental-funding-group\/","title":{"rendered":"Baldwin Park Courtyard by Marriott Refinanced by Continental Funding Group"},"content":{"rendered":"<p>By Alex Girda<\/p>\n<p><strong>Los Angeles<\/strong>\u2014<a href=\"https:\/\/www.contifunding.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Continental Funding Group<\/a> recently announced that the <a href=\"https:\/\/www.marriott.com\/hotels\/travel\/laxbp-courtyard-los-angeles-baldwin-park\/\" target=\"_blank\" rel=\"nofollow noopener\">Courtyard by Marriott in L.A.\u2019s Baldwin Park<\/a> is the latest asset to receive financing from the company. Arranged by company President Mitch Paskover, the $19 million fixed-rate refinancing is indicative of the continued growth recorded by Southern California\u2019s hospitality market.<\/p>\n<div id=\"attachment_1004147697\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Courtyard-by-Marriott-Baldwin-Park.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147697\" data-attachment-id=\"1004147697\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/baldwin-park-courtyard-by-marriott-refinanced-by-continental-funding-group\/courtyard-by-marriott-baldwin-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Courtyard-by-Marriott-Baldwin-Park.jpg\" data-orig-size=\"650,524\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Courtyard by Marriott Baldwin Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtyard by Marriott Baldwin Park&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Courtyard-by-Marriott-Baldwin-Park.jpg?w=650\" class=\"wp-image-1004147697 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Courtyard-by-Marriott-Baldwin-Park.jpg\" alt=\"Courtyard by Marriott Baldwin Park\" width=\"300\" height=\"242\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Courtyard-by-Marriott-Baldwin-Park.jpg 650w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Courtyard-by-Marriott-Baldwin-Park.jpg?resize=300,242 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004147697\" class=\"wp-caption-text\">Courtyard by Marriott Baldwin Park<\/p><\/div>\n<p>Located at 14635 Baldwin Park Towne Center, the <a href=\"https:\/\/www.commercialsearch.com\/news\/hotel\/\" target=\"_blank\" rel=\"noopener\">hotel<\/a> was originally meant to be a Hilton-operated property, and was then affiliated with hospitality operator Radisson. The property was taken over by Marriott in 2004. According to Continental\u2019s announcement, the sponsor requested a fixed-rate, non-recourse loan that would refinance an existing maturing loan. The provider eventually secured the ten-year loan from an investment bank at 4.98 percent, with a loan-to-value leverage ratio of 68 percent with a 25-year amortization.<\/p>\n<p>According to Paskover, the search for a finance provider involved highlighting the asset\u2019s performance and potential for growth. \u201cMany lenders did not initially understand the potential of this asset and were coming up with loan amounts that did not meet the sponsor\u2019s requirements.\u201d The loan was a debt yield below 10.5 percent, and also provides a substantial cash-out component.<\/p>\n<p><em>Image courtesy of Continental Funding Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Marriott-operated hotel has been benefiting from the hospitality market&#8217;s recent uptick. <\/p>\n","protected":false},"author":41,"featured_media":1004147697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,1594,15],"tags":[],"class_list":["post-1004147695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-hotel","category-los-angeles","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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