$9m loan for hotel buy.Ramsfield Hospitality Finance has provided a $9 million mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). , part of a $40 million financing package, enabling its client to acquire, renovate, and reposition the 284-room U.S. Grant Hotel in San Diego from Wyndham Hotels and Resorts. The LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). based loan for Sycuan Investors-US Grant LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the buyer of the property, has a three year maturity plus an extension option for an additional year. "The West Coast is a key area for us and San Diego is the most attractive of California's three main hotel markets," commented RHF's President Richard Mandel. "The borrower was able to purchase the U.S. Grant Hotel, a landmark property, at a very attractive price per room, and after the upcoming renovation, will still be able to deliver a four-star product at a price below its competitors." According to RHF RHF Rec.humor.funny (newsgroup) RHF Restricted Hartree-Fock RHF Royal Highland Fusiliers RHF Retirement Housing Foundation (Long Beach, California) RHF Right Heart Failure (medical) Managing Director Ray Anthony, "Because Ramsfield Hospitality Finance owns all its loans, we were able to structure the financing terms and conditions which best fit the borrower's needs." He added that RHF provided mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the in collaboration with the first mortgage lender to simplify the process. |
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