Hankey Capital Provides $ 29M Bridge Loan for Arcadia Hotel

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Don Hankey and Le Meridien Pasadena Hotel Arcadia (Hankey Investment Company, Marriott)
Don Hankey and Le Meridien Pasadena Hotel Arcadia (Hankey Investment Company, Marriott)

Hankey Capital has provided Chateau Group USA with a $ 29 million bridge loan for the construction of the newly built Le Méridien Pasadena Arcadia Hotel in the San Gabriel Valley.

The 234-room hotel at 130 W. Huntington Drive received a check in last month, according to the Commercial Observer.

The PACE Loan and Loan repaid 2,109 construction loans from ACRES Capital and EB-5 investor loans. PACE loans are for energy efficiency and development considered environmentally friendly.

Pacifica Hotels intends to operate Le Méridien Pasadena Arcadia. The hotel has 14,000 square feet of event and restaurant space. It is also located near the Santa Anita Racetrack and Arcadia City Hall, according to the Commercial Observer.

Hankey Capital is a subsidiary of the Hankey Group. The firm’s mixed real estate portfolio spans Southern California and is valued at approximately $ 1 billion.

According to information on the company’s website, there are about 1,800 apartment buildings in development. Hankey Investment Company is the real estate investment arm of the group. As of early Feb 2020The firm had more new units in development throughout Los Angeles than any other developer.

Hankey Capital specializes in bridge finance and has leased a variety of properties throughout Los Angeles, including the 100,000 square foot Bel Air spec house, The One.

The firm lent Niami $ 82.5 million in 2018 and served property default notice in March.

[CO] – Dennis Lynch

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