Hankey Capital Provides $29M Refi for Le Méridien Pasadena Arcadia Hotel
The 234-room property is adjacent to the Santa Anita racetrack and Arcadia City Hall
By Greg Cornfield June 15, 2021 8:05 am
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Hankey Capital" class="company-link">Hankey Capital has provided $29 million in bridge financing for the Le Méridien Pasadena Arcadia hotel in Los Angeles County’s San Gabriel Valley, Commercial Observer has learned.
Chateau Group USA is the owner and borrower for the 234-room property at 130 West Huntington Drive, adjacent to the Santa Anita racetrack and Arcadia City Hall. The property received a certificate of occupancy last month, and it will be managed by Pacifica Hotels. It was designed by Linda Snyder Associates and AO Architects, and it features more than 14,000 square feet of event space as well as new restaurant space.
“This is the second transaction with this borrower group, so for Hankey Capital, this is an indicative bridge loan for us — well-located underlying real estate, compelling terms, and a high-net-worth borrower group committed to a long-term hold,” Priyesh R. Bhakta, leader of Hankey’s bridge lending platform, in a statement to CO. “We keep it simple and straightforward, intentionally avoiding the brain damage of complicated structured terms.”
The loan from the firm’s parent company, L.A.-based Hankey Investment Company, and a new PACE loan — funds used for clean-energy projects — paid off both a 2019 construction loan from ACRES Capital and EB-5 investors.
Hankey Capital is an active senior bridge lender throughout the state and across all commercial property types. Hankey Investment recently secured entitlements for a 432-unit development in the San Fernando Valley, and also recently completed a $300 million, mixed-use project in Koreatown, called Kurve, with 644 units.
