Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $6.6 million for the acquisition of the San Remo Hotel at 2237 Mason Street in San Francisco, California. The financing was secured by Joel Westle, first vice president, based out of MMCC’s San Francisco office.
“The property benefits from the increased tourism in San Francisco and is an opportunity for stable cash flow in a tremendous location as the hospitality landscape normalizes,” said Westle. “Lender interest in the hotel sector should continue to grow as occupancy rates rise and workers return to the office and business travel increases in ever-growing numbers.”
The three-year bridge loan has an LTV of 65. The three-story hotel includes 65 rooms and includes FiorD’Italia, an iconic Italian restaurant. The property was built in 1920, has been vacant since the beginning of the pandemic, and is located in the heart of San Francisco’s iconic North Beach neighborhood, proximate to Fisherman’s Wharf, the San Francisco Bay and Coit Tower.
About Marcus & Millichap Capital Corporation
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2021, MMCC closed 2,474 transactions totaling $11.6 billion. To learn more, please visit: marcusmillichap.com/financing
