Transaction Overview
GSP successfully placed the $34,000,000 senior loan for the cash out refinance of a premier hotel in the heart of Silicon Valley. The hotel is a contemporary, boutique style hotel with modern architecture, unique technical aspects, and an atmosphere that encourages socialization. The hotel was designed as LEED Silver and has pioneered several cutting edge technology features.
Challenge: The Sponsors were refinancing to pay off the bridge loan and requested a return of equity on an asset that was just recently stabilized. They needed to close within 30 days to avoid the extension fees on their bridge loan.
Solution: Working closely with GSP, the lender accelerated the reports and closed in 30 days.
