CUPERTINO, CA—CBRE Capital Markets' Debt & Structured Finance team has secured $32 million in non-recourse financing for the Hilton Garden Inn, a 164-room, limited-service hotel in Cupertino.
John Nelson of CBRE's San Francisco office arranged the financing on behalf of the borrower, a partnership between Terracommercial Inc. and Heil and Associates. The fixed-rate, permanent financing was provided by a Wall Street lender and will be used to refinance the property.
Of the financing, Nelson said, “This was one of the most competitive financings I have seen given the outstanding location of this asset, experience of the sponsors and management company, and extremely favorable financing metrics.”
Located at 10741 North Wolfe Road, the property is in proximity to some of the largest tech companies in business today, including Trend Micro, Cloud.com and Seagate Technology. It is also located within blocks of the new Main Street Cupertino development and the Vallco Mall redevelopment.
The hotel has corporate contracts with several of the area's most prominent businesses and has maintained an exceptionally high occupancy for the past several years. Average daily rates and RevPar continue to increase market-wide along with occupancy.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
