$85M Bridge Loan Secured for San Diego Pendry Hotel
George Smith Partners secured an $85 million bridge loan for the San Diego Pendry Hotel, a new luxury hotel brand operated under the Montage Hotels & Resorts in San Diego’s historic Gaslamp Quarter. The 317-room trophy property, located at at 550 J Street, opened in February 2017.
George Smith Partners’ Malcolm Davies says, “While Pendry San Diego has only been open for eight months, our team at George Smith Partners – who originally secured the construction loan for the hotel – has now secured bridge financing to repay the construction facility.”
Davies, who arranged the financing for the asset along with Evan Kinne and Alex Rossinsky, notes “The lender understood the strength in the asset, the strong capabilities of the sponsor, and market demand of both business and leisure travelers who will frequent the property over the coming years.”
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