Leasehold on Pendry Hotel

Leasehold financing on unopened hotel in San Diego, CA

 

Brand New Pendry Hotel

Gaslamp District, San Diego, CA

 

  • $15,000,000
  • 4.00% Interest Rate
  • 10 year term / 7 years interest only
  • Underwritten to future percentage rent income from hotel
  • Hotel under construction at time of financing with developer making min. rent payments on ground lease
  • Title challenges due to mechanic lien exposure