SAN DIEGO— Developer Oram Hotels has received a$36.55-million loan for the continued renovationand development of Downtown San Diego's historic500 West Broadway building into an upscale,163-room boutique hotel called the Guild SanDiego. Regents Bank was the lender in theconstruction-loan transaction for the hotel, whichis expected to be completed in Spring 2019.

HFF's debt-placement team including seniormanaging director Aldon Cole and managing directorScott Hall worked on behalf of Oram Hotels tosecure the loan from Regents. The firm tells GlobeSt.com the84,000-square-foot building was purchased for $14 million in 2014out of bankruptcy, and Oram was successful in executing a purchaseoption with the armed forces branch of the government for the fee.The property at the time of acquisition wassubject to low-income restrictions and operated as a 260-unitsingle-resident occupancy facility with a YMCA onthe ground floor.