$3,130,000 Refinance of a Limited Service Motel in North Hollywood, CA
North Hollywood, CA
The subject property is a 4,781 sq ft limited service motel on a 3 parcel lot totaling 24,357 sq ft, where land value was used in the determination of the property's value. The motel is located in a superior location, directly across the street from the Universal Studios Hollywood California complex. The site is adjacent to a successful new hotel that the borrower developed and manages. The ADR and occupancy is among the highest within a 5 mile radius, due to its unique design and comfort, and the need in the area for this type of product. The subject site will be utilized to develop another modern and hip hotel as an extension of the adjacent property. Proceeds from Rodeo Capital's new loan were used to pay off exiting debt and cash out for further development of the borrower's hotel properties. The exit will be a construction loan.