PASADENA, Calif. -- (May 7, 2006) Capmark Finance Inc. (Capmark Finance) provided $75 million in fixed-rate, permanent financing for The Courtyard Pasadena, a hotel in Pasadena, Calif. The 80 percent LTV loan has a 10-year term with interest only for the first five years and a 30-year schedule for the last five years.
Located at 180 North Fair Oaks Avenue, the 73,000 square-foot property is situated on 1.67 acres of land. Built in 2000, Courtyard Pasadena is a six-story hotel with 314 rooms. The property has 5,750 square feet of meeting space and a five-story parking structure. Amenities include a dining room, outdoor pool, fitness room and spa.
Vice President David Fishler of the Capmark Finance New York City office and Vice President Chris Allman, a specialist in hospitality in the company's McLean, Va. office, originated the transaction. The borrower, RT Pasad Hotel Partners, LP, is an affiliate of AVR Realty & Dimension Development.
"This transaction was achievable based on the property's enhanced performance over the last few years," said Fishler. "It represents one of many fixed-rate hotel loans provided by Capmark for this ownership group."
SOURCE: Capmark Finance Inc.