San Diego – October 13, 2017 – A joint venture led by Manchester Financial Group has engaged Berkadia Hotels and Hospitality to source a $650 million construction loan on the Manchester Pacific Gateway development.
The project is situated on San Diego’s waterfront and is the largest undeveloped urban waterfront site on California’s coast. The $1.3 billion project will include 2,823,188 million square feet of hotel, office and retail space in San Diego’s thriving downtown business district. Berkadia’s Hotels and Hospitality group has been tasked with sourcing a 50 percent LTC non-recourse construction loan that will close by year end 2017. Berkadia Senior Managing Director Andrew Coleman and Managing Director Jackson Cloak will lead the team’s efforts.
Manchester Financial Group has extensive experience in developing convention center hotels and other commercial real estate, having developed more than $2 billion in assets in 11 states, including the Manchester Grand Hyatt San Diego, the 1,360-room San Diego Marriott Marquis & Marina, and the 249-room The Grand Del Mar—California’s only Forbes Triple Five Star resort. The company is currently in construction on the 1,066-room Fairmont convention hotel in Austin, Texas.
The property will include 1,205,490 square feet of office space, 391,231 square feet of retail space, 2,437 parking spaces, a 260-room boutique hotel, and will be anchored by an 1,100-room Four Seasons hotel.