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Financing Arranged for Garden Grove Hotel Development
CBRE arranged $15.5 million in financing for the development of a five-story extended-stay hotel in Garden Grove, CA. The site, located at 13650 Harbor Blvd., is under construction and set to be completed in late 2020. The Homes2Suites hotel will include 124 rooms.
The borrower was Garden Grove Hotel, LLC. The debt has an 18-month floating period during construction, and will subsequently convert into fixed interest rate loan for 36 months with two one-year extension options. The lending amount represents 73.5% of total project costs.
CBRE’s Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh facilitated the loan on behalf of the private buyer.
Birrell says, “This development will enable the sponsorship group to expand its hotel portfolio beyond the southeastern United States. We are excited to facilitate the group’s entrance into the dynamic Southern California hospitality sector.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development


