The Mezzanine Loan is secured by the equity interest in the entity which owns a 134-key full-service, boutique hotel located in San Francisco, CA (the “Hotel”). Constructed in 1922 and most recently renovated in 2014, the Hotel includes amenities such as a restaurant, 1,764 SF of meeting space, an indoor pool, a full-service spa, and a business center. The Hotel enjoys a prime location in the highly sought-after Nob Hill neighborhood of San Francisco. The Mezzanine Loan affords investors with the opportunity to acquire a mezzanine loan on a well-located, upscale hotel in a high barrier to entry submarket.
Jones Lang Lasalle (“JLL”) has been retained on an exclusive basis to arrange the sale of a $13.5 million mezzanine mortgage loan (the “Mezzanine Loan”). The Mezzanine Loan carries an interest rate of 7.65% floating over 30-day LIBOR (subject to a LIBOR floor of 1.00%), an initial maturity date of October 1, 2021, and a fully extended maturity date of October 1, 2023. The Loan was originated alongside a $47.0 million senior mortgage loan (the “Senior Loan”), which is coterminous to the Mezzanine Loan.
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