GARDEN GROVE, CA-The owners of the 375-room Embassy Suites Anaheim South Hotel have secured a $31.9-million bridge loan through Bond Street Capital.

Marc Savan in the Los Angeles office of Florida-based Bond Street arranged the loan, which closed at an interest rate of 5.5%, down from the borrowers’ previous 8.75%. It closed at a loan-to-value ratio of 60% and a two-year term with two one-year extension options and permits prepayment at any time.

According to Bond Street, the financing enables the borrowers to increase their cash flow substantially via the lower interest rate. The lower interest rate also enables the hotel owners to buy their furniture, fixtures and equipment, which they previously were leasing.The Embassy Suites Anaheim South is just across the Anaheim-Garden Grove border at 11767 Harbor Blvd., and opened in late 2001. It is owned by Landmark Hotels LLC of Newport Beach and managed by Beverly Hills-based Hilton Hotels Corp., according to an announcement from Embassy and Hilton at the time of the opening.

Alan X. Reay, president of Costa Mesa-based Atlas Hospitality Group hotel brokerage and consulting firm, tells that the property is one of six hotels and four new restaurants that were developed just across the Anaheim-Garden Grove border with the assistance of Garden Grove city officials to capitalize on the area’s proximity to Disneyland, the Anaheim Convention Center and other nearby attractions that draw tourists and business visitors.

The city also is landscaping Harbor Boulevard, widening sidewalks and making other improvements in an effort to boost business in the area. The full-service Embassy Suites Anaheim South is within a mile of Disneyland and the Anaheim Convention Center. Among the hotel’s features are nearly 30,000 sf of meeting and function space that can accommodate up to 1,000 guests, three executive board rooms, 12 conference suites and a 10,000-sf ballroom divisible into three equal-size areas.

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