SOUTH BAY HOTEL
LFB successfully arranged $10,250,000 in acquisition financing for a 180-key hotel in San Diego, CA. At the time of acquisition, the hotel was underperforming which made traditional financing unobtainable. With a rapidly approaching closing date, LFB identified a bridge lender who was able to not only fund the deal but who could meet the tight closing timeframe. The lender LFB identified specializes in hotel financing and had previous knowledge of the property and its past performance, along with its potential. Alongside the lender, LFB quickly navigated the deal through underwriting and was able to help the sponsor close on time. The financing arranged will allow time for the sponsor to stabilize the asset before a traditional lender steps in with longer term, permanent debt.