HFF Arranges $10 Million Refinancing for The Courtyard by Marriott, Baldwin Park in California
LOS ANGELES, CA, October 11, 2005. The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $10 million refinancing for a 192-room, 10-story Courtyard by Marriott hotel located in Baldwin Park, California.
HFF managing director Mitch Paskover worked on behalf of Kam Sang Company to secure the two-year, adjustable-rate loan through a conduitlender. Terms of the financing include a 65% loan to value, 25-year amortization and a servicing contract with HFF.
"The borrower was looking for a interim bridge loan as the hotel was not stabilized due to the recent renovation. HFF structured a two-year bridge loan with a flexible prepayment structure that allows the borrower to convert the loan to fixed rate or sell the asset without incurring a large prepayment penalty," said Paskover.
The Courtyard by Marriott, Baldwin Park is situated on 3.53 acres at 14635 Baldwin Park Towne Center in northeastern Los Angeles County. Built in 1990 and fully remodeled in 2004, the property offers an outdoor pool, a spa and fitness center and parking for 209 cars. A freestanding Sizzler restaurant on the property is also part of the financing.
A long-standing dedication to the development of high-quality projects has earned Kam Sang Company, Inc. recognition as one of the pioneers among California developers. The Los Angeles-based company was formed in 1979 and since then, has grown from a small development firm to a multi-billion operation with offices all over the United States, Hong Kong and China.
HFF operates 17 offices nationwide, and in combination with affiliate HFF Securities L.P. is a dominant real estate investment banking firm. HFF offers clients a full range of capital solutions and services including debt, equity, financial advisory, investment sales, note sales and loan servicing. Since 1998, the firm has completed more than $121 billion in transactions in all markets and property types.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
