Ramsfield provides $9m mezzanine loan.

Ramsfield Hospitality Finance announced it has provided a $9 million mezzanine loan. 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 based loan for Sycuan Investors-US Grant LLC, the buyer of the property, has a three year maturity plus an extension option for an additional year.

"We are pleased to have a loan in this market, as 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 beautiful four-star product at a price below its competitors."

According to RHF Managing Director Ray Anlhony, "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."

Mr. Anthony added that RHF provided mezzanine financing in collaboration with the first mortgage lender, so the overall process for the borrower was simplified.

Hospitality Finance is a Manhattan-based investment firm set up to provide mezzanine financing for hotel owners and investors.