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| Residence Inn by Marriott Silicon Valley, San Carlos, CA |
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| James Fowler |
NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $49.85 million in
first lien construction financing for the development of the 204-room Residence Inn by Marriott Silicon Valley
in the San Francisco Bay Area community of San Carlos, California.
HFF worked on behalf of
the borrower, R.D. Olson Development, to secure the three-year, floating-rate
loan with two one-year extensions through a diversified financial services
company. Loan proceeds will be used to
develop the hotel.
The four-story,
select-service hotel will feature 1,500 square feet of meeting space, a
convenience market, fitness center, outdoor pool and spa, sport court and
outdoor patio with fire pit. The hotel
will be completed in 2017.
Located in San Carlos, an affluent Silicon
Valley suburb halfway between San Francisco and San Jose, the hotel will sit on
a 3.92-acre site at the northeast corner of Industrial Road and East San Carlos
Avenue. Highway 101 runs along the eastern
boarder of the site, which is next to San Carlos Airport and near some of the
world’s largest tech companies.
The HFF debt placement
team representing the developer was led by managing director James Fowler.
“R.D. Olson Development, a
leading owner and developer of hotels, has earned a reputation for delivering
high-quality projects and creating immense value,” Fowler said. “The proposed quality of finish and amenities
for the hotel, combined with its superb location and excellent brand in Marriott,
will certainly carry on that tradition of excellence.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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