Brian Brodeur, a senior vice president at Corus Bank, says the transaction is the second large Corus loan to Westbrook in the past three months and offers the borrower flexibility on extensions and prepayments. Brodeur says Corus closed the deal in a matter of weeks to meet a tight schedule. He notes that the 17-story, 463-room Marriott is one of only a few full-service hotels in the Woodland Hills area and will be managed by Sunstone Hotel Investors, an experienced operator Marriott Hotels.
As reported previously on GlobeSt.com, Westbrook acquired the hotel from Dallas-based Wyndham International Inc. for approximately $69.5 million as Wyndham continues to divest non-strategic assets.
Corus Bankshares Inc. is a one-bank holding company that is a nationwide construction lender specializing in condominium, hotel, office and apartment loans. Its outstanding commercial real estate loans and construction commitments total approximately $2.5 billion. Corus Bank holds loans of up to $65 million for its own account and also syndicates larger transactions.
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