Prime Finance Provides $44M Loan on San Jose Courtyard Hotel
The financing will be used to retire old debt and help pay for renovations
By Brian Pascus July 16, 2024 4:30 pm
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Huntington Hotel Group has secured $43.8 million in bridge financing to retire old debt and refinance its interests in the Courtyard by Marriott San Jose Campbell, a 162-key hotel outside San Jose, Calif., near the pulse of Silicon Valley.
Prime Finance provided the floating-rate loan with a five-year term that includes extensions, according to JLL Capital Markets. The bridge financing will retire the construction-to-permanent financing the hotel received in 2008 and help pay for a property improvement plan recently mandated by Marriott.
The JLL Capital Markets debt advisory team of Timothy Wright, Olga Walsh and Jack Wood arranged the loan together with the JLL Silicon Valley Capital Markets group.
“We are proud to have secured this refinancing on behalf of Huntington Hotel Group and look forward to the property’s continued success,” Walsh said in a statement. “This successful transaction demonstrates the resilience and attractiveness of the Silicon Valley market, showcasing the confidence of lenders and investors in its long-term potential.”
Located at 655 Creekside Way in Campbell, Calif., a suburb 10 minutes away by car from Downtown San Jose, the Courtyard by Marriott San Jose Campbell is spread out over seven floors and underwent a $2 million renovation in 2018. Amenities include a terrace, a library, a fitness center and an outdoor pool.
Huntington Hotel Group did not respond to requests for comment.
Brian Pascus can be reached at bpascsu@commercialoberver.com.
