IPA Capital Markets, a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients,has secured $16.68 million in acquisition financing from Hillcrest Finance for the Residence Inn Santa Fe, a 120-key hotel located at the intersection of Galisteo Street and St. Michaels Drive, one of the busiest thoroughfares in Santa Fe, New Mexico.
Jordan Ray, executive managing director in IPA Capital Markets’ Los Angeles office, worked with Steven Buchwald, James Matheny, and Rachael Krawiecki in the firm’s Manhattan office to secure the financing on behalf of the sponsor, Friedman Capital.
“In a relatively thin acquisition market, our client was able to tie up a great deal where we had some real time constraints,” said Ray. “We explored CMBS execution as well, but Hillcrest moved quickly and was a pleasure to work with.”
The Residence Inn Santa Fe consists of 15 two-story guestroom buildings and all units feature a full kitchen.Amenities include a fitness center and outdoor pool,complimentary daily hot breakfast, an onsite convenience store and guest laundry services.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
