The Orange County office of Berkadia Commercial Mortgage LLC (Berkadia) recently closed a $36 million loan through Morgan Stanley, as the lender for the Galleria Park Hotel in San Francisco, Calif. Vice President Jackson Cloak worked with the borrowers to originate the 10-year, fixed-rate loan for the leased fee interest and leasehold interest on the property.
The loan closed on May 9, 2012 and was used to refinance a one-year, $24 million bridge loan that Berkadia provided Oct. 2011 for the acquisition of the leased fee. Other features of the loan include a 67 percent loan-to-value ratio (LTV) and 30-year amortization. The 109,673 square foot Galleria Park Hotel is a full-service hotel located between the Financial District and Moscone Convention Center.
“This deal was successful because we were able to help the borrower with a bridge loan, and permanent refinancing,” said Cloak. “While each loan had its own intricacies, with Berkadia acting as the loan servicer we were able to work closely with Morgan Stanley as lender and lay out different options that met the borrower’s specific needs for each loan and scenario.”