Ramsfield, AB CarVal Close $95M Loan for 488-Room Marriott Burbank
By Greg Cornfield January 11, 2023 3:20 pm
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Ramsfield Hospitality Finance (RHF), along with funds managed by AB CarVal, announced a $95.4 million mortgage for the Los Angeles Marriott Burbank Airport hotel.
Borrower and owner AWH Partners acquired the 488-room hotel with more than 50,000 square feet of convention space for $109.1 million in 2014, records show. It’s at 2500 North Hollywood Way, adjacent to the Hollywood Burbank Airport in the San Fernando Valley.
“We are especially proud of this investment execution, which required RHF to underwrite an uncertain economy heading into 2023 while navigating turbulent capital markets to close this loan,” RHF’s Brendan McNamara said in a statement.
The loan brings the RHF and AB CarVal partnership’s total hotel investments over the past 18 months to $1 billion.
CarVal said it has approximately $15 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Ramsfield has made debt and equity investments on hospitality assets valued more than $3.5 billion since it was founded in 2003.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
