Rockwood Arranges $13 Million Acquisition Financing for West Coast Hotel
By Carl Gaines September 25, 2012 7:30 am
reprintsNew York-based Rockwood Real Estate Advisors, which announced the launch of its West Coast platform earlier in September, has arranged $13 million in financing for Wheelock Street Capital’s acquisition of a California hotel.
Wheelock, headquartered in Greenwich and Boston, will use the money to buy the 242-key Marriott Pleasanton Hotel in Pleasanton, Calif.
Andrew Kern, a managing director of Rockwood’s hospitality team, led the transaction. The firm said that it was executed by Christopher Seter and Eric Baum—both managing directors in Rockwood’s Capital Markets team.
“Wheelock is a very experienced hotel owner,” Mr. Kern said in a prepared statement about the deal. “Given their strength and experience, as well as the quality of the asset, we were able to arrange very favorable loan terms that included the earn-out structure, meeting Wheelock’s objective of generating future loan proceeds.”
The loan for the hotel, at 11950 Dublin Canyon Road, was through a national commercial bank.
Rockwood, a wholly owned subsidiary of CW Financial Services, said earlier in September that it had launched a West Coast Investment Sales and Mortgage Banking platform, which will be led by Sean Fulp and Andre Dubrowsky.
cgaines@observer.com
