JLL Capital Markets secured $43.8 million in bridge financing for the Courtyard by Marriott San Jose (Calif.) Campbell, a 162-key hotel in Silicon Valley. JLL represented the borrower, an affiliate of Huntington Hotel Group, to secure a floating rate loan through Prime Finance with a term of up to five years including extensions.
The JLL team has been involved with the project since its inception and arranged construction-to-permanent financing for the hotel in 2008. Proceeds of the refinance were used to retire that facility, as well as provide funds for the upcoming brand-mandated property improvement plan.
The Courtyard San Jose Campbell has an outdoor pool, fitness center, bar and restaurant, breakfast buffet and meeting space. The property recently underwent a $2 million renovation from 2017 to 2018, which added media pods to the lobby lounge as well as an outdoor patio and a fire pit.
The hotel is close to industry leaders like Apple, Intel and Google.
The JLL Debt Advisory team was led by Senior Managing Director Tim Wright, Director Olga Walsh and Analyst Jack Wood, in partnership with the JLL Silicon Valley Capital Markets group.
“We are proud to have secured this refinancing on behalf of Huntington Hotel Group and look forward to the property’s continued success," Walsh said on a statement. "This successful transaction demonstrates the resilience and attractiveness of the Silicon Valley market, showcasing the confidence of lenders and investors in its long-term potential."