The Hotel Deals Lenders Will Still Finance

Mitch Paskover is the president of Continental Funding Group.

LOS ANGELES—The owner of the Baldwin Park Courtyard Marriott has secured a $19 million loan to refinance the property. While the deal did receive interest from lenders, closing the deal was not necessarily an easy feat. Following the hotel construction boom, lenders have been conservative on hotel product, fearing that the market may have hit a plateau. This particular loan was funded by a US investment bank and was non-recourse with a fixed rate, as well as a significant cash-out component. With a strong history—Marriott has managed the 195-room property since 2004, and Hilton and Radisson both were previous managers at the property—Continental Funding Group was able to find a lender and fulfill the borrowers needs. To find out more about the process and how the current lending climate for hotels affected this deal, we sat down with Mitch Paskover, president of Continental Funding Group, for an exclusive interview.

GlobeSt.com: What was interest like from lenders for this opportunity? Did you see a lot of competition?