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Airport-Adjacent Sheraton Scores Cash-Out Refinance
Marcus & Millichap Capital Corporation (MMCC) arranged $10.6 million for the refinancing of Four Points by Sheraton San Diego, a 225-key hotel located at 8110 Aero Dr., adjacent to Montgomery-Gibbs Executive Airport in San Diego.
Chad O’Connor, executive managing director in MMCC’s San Diego office, secured financing with a national bank for a private owner. The loan was a cashout refinance with a five-year term, 20-year amortization and 70% loan-to-value.
“We worked in conjunction with the City of San Diego to negotiate consent to lending because they have a ground lease on the site,” said O’Connor. “The borrower reduced their interest rate by over 350 basis points by completing the refinance.”
The property is located near the San Diego Zoo, San Diego Stadium and the Gaslamp Quarter. Amenities include a restaurant and lounge, a 24/7 fitness center, an outdoor heated pool and hot tub, a business center and 10 meeting rooms.
- ◦Financing
