BBCP Arranges $27M in Financing for San Jose Motel 6
Real estate financial advisory firm, Black Bear Capital Partners (BBCP), has arranged $27 million in hotel financing which includes the acquisition of a corporate-owned Motel 6 in San Jose, CA. The firm’s Senior Managing Director Suraj Desai arranged the package.
The transaction includes a one-year, $23 million floating rate, non-recourse loan, with full-term interest- only payments to fund the 204-key Motel 6. BBCP separately arranged mezzanine financing of $4 million for the borrower, a private investor.
The Motel 6 is located on Fontaine Road, adjacent to Highway 101 and six miles from downtown San Jose. It also benefits from proximity to Silicon Valley companies like Apple, Facebook and Google.
“The property is in a prime location in San Jose,” said Desai in a news release. “Corporate-owned hotel assets are always a great purchasing opportunity. The leveraged one-year loan products will allow our borrower to maximize their equity contribution through cutting operational inefficiencies and increasing value through continued performance ramp-up.”
- ◦Financing
