{"id":1004218488,"date":"2018-04-11T04:12:07","date_gmt":"2018-04-11T12:12:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004218488"},"modified":"2022-12-08T09:37:08","modified_gmt":"2022-12-08T17:37:08","slug":"45m-financing-earmarked-for-iconic-sf-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/45m-financing-earmarked-for-iconic-sf-hotel\/","title":{"rendered":"$45M Financing Earmarked for Iconic SF Hotel"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004218497\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004218497\" data-attachment-id=\"1004218497\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/45m-financing-earmarked-for-iconic-sf-hotel\/san-francisco-proper-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" 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=\"San Francisco Proper Hotel\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;San Francisco Proper Hotel&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg?w=800\" class=\"wp-image-1004218497 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg\" alt=\"San Francisco Proper Hotel\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/San-Francisco-Proper-Hotel.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004218497\" class=\"wp-caption-text\">San Francisco Proper Hotel<\/p><\/div>\n<p>George Smith Partners has secured $45 million in bridge refinancing on behalf of The Kor Group for the San Francisco Proper Hotel, a 131-key hotel in San Francisco\u2019s Mid-Market neighborhood. The new mortgage replaces an existing construction loan and mezzanine facility.<\/p>\n<p>Located at 1100 Market St., the historic flatiron building sits at the triangle of McAllister, Market and Seventh Street. The Proper Hotel is situated in the heart of the city, close to major landmarks and cultural institutions.<\/p>\n<h2>Superior design<\/h2>\n<p>Designed by Kelly Wearstler, the hotel rooms\u00a0feature interiors inspired by San Francisco\u2019s pre-modernist European influence. The property boasts award-winning food and beverage concepts: Villon, an all-day dining destination, and Charmaine\u2019s, a rooftop bar that provides 360-degree views of the city.<\/p>\n<p><em>\u201cThis was a unique opportunity to finance a highly-anticipated luxury lifestyle hotel that underwent a significant repositioning while maintaining its historic character,\u201d <\/em>Malcolm Davies, George Smith Partners\u2019 principal and managing director, said in a prepared statement. Joining Davies on the financing team were Evan Kinne, Zack Streit, Rachael Lewis, Alexander Rossinsky and Minjoo Kim.<\/p>\n<p><em>\u201cThe capital markets responded well to the opportunity, based on the property\u2019s elevated positioning within the San Francisco hospitality market and the strength of the sponsorship group,\u201d<\/em> Davies added.<\/p>\n<p>George Smith Partners has arranged more than $44 billion in financing since its inception. In late 2017, the company secured an $85 million bridge loan for the <a href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-luxury-hotel-lands-85m-bridge-financing\/\">San Diego Pendry Hotel<\/a>.<\/p>\n<p>In September 2017, The Kor Group, in partnership with the Merchant Banking Division of Goldman Sachs &amp; Co., <a href=\"https:\/\/www.commercialsearch.com\/news\/kor-group-goldman-sachs-team-up-for-la-hotel-buy\/\">acquired Custom Hotel in Los Angeles<\/a>.<\/p>\n<p><em>Image courtesy of\u00a0George Smith Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The George Smith Partners team led by Malcolm Davies worked on behalf of The Kor Group to replace an existing construction loan and mezzanine facility.<\/p>\n","protected":false},"author":451,"featured_media":1004218497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21751,21742,1609,15],"tags":[33306,39756,37423],"class_list":["post-1004218488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-hotel","category-latest","category-san-francisco","category-west","tag-george-smith-partners","tag-malcolm-davies","tag-the-kor-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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