ARCADIA, CALIFORNIA – Davis Hotel Capital, Inc., a premier hotel investment banking and mortgage brokerage firm with a focus on hospitality real estate, and National Property Inc., a California-based advisory and development company, announced the companies have arranged construction financing of $43.5 million for the development of a 233-key Le Meridien Hotel in Arcadia, Calif. The developer of the project is SAICP LLC.
Geoff Davis, senior principal of Davis Hotel Capital, and Robb MacMillan, president of National Property Inc., collaborated on the placement. The hotel conveniently will be located adjacent to Santa Anita Park, the Westfield Arcadia Mall and proximate to numerous growing areas, such as Pasadena.
“Patience, creativity and flexibility, particularly on the lender and developer’s parts, helped make this project a reality,” stated MacMillan. Added Geoff Davis, “It was a complex capitalization, involving a senior lender and an EB-5 component, but when it is all said and done, this is going to be an amazing hotel that the community will be proud to welcome.”