Sold

Holiday Inn

El Monte, CA

$20,000,000

El Monte, CA

 

Funding Purpose

 Refinance the borrower permanent loan and provide cash out to provide equity into another development project he was working on.

Property Description

The subject property is the Holiday Inn Hotel, a 142 room hotel located in El Monte, California. The 4-story improvements were constructed in 2017. The property is situated between the El Monte and Rosemead neighborhoods, approximately 13 miles northeast of Downtown Los Angeles.

Sponsors

foreign investor/developer that had used EB5 equity to start the construction. Had three projects ongoing in California and two in Hawaii. 

Challenges

  • Hotel was not operating at its full capacity as the sponsor had just completed construction

Solutions

  • Tauro was able to give client max proceeds based on projections and baking in an interest reserve

Funding

  • Loan Amount (LTV) $20,000,000 (55% LTV)  
  • Interest Rate – 7.75%  
  • Term -24 Months 
  • Recourse - Recourse 
  • Interest Only  - 24 Months   


Matt Bucaro

Matt Bucaro

TITLE

Senior Director, Capital Advisor

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