NorthMarq provides $32,250,000 in acquisition financing for boutique hotel in Los Angeles
SEATTLE, WASHINGTON (August 25, 2021) – Jake Leibsohn, vice president of NorthMarq’s Seattle office, arranged $32,250,000 in bridge financing for the acquisition of The Orlando Hotel. The bridge loan was sourced for Timberlane Partners through NorthMarq’s relationship with a debt fund.
The 95-key, boutique hotel is located at 8384 West 3rd Street in Los Angeles, California between The Grove shopping center and Cedars-Sinai medical center. The property was originally built in 1984 and features a large ground-floor food and beverage space, large suites, valet parking, and a pool.
“Hospitality lenders have been very selective since the start of the pandemic. However, we were able to get the lender comfortable with this transaction because of the prominent location and Timberlane’s excellent track record with hotels,” said Leibsohn. “Everyone involved played a crucial role in making this a smooth process.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
