$49.85 million financing secured by HFF for development of Residence Inn Silicon Valley near San Francisco
NEWPORT BEACH, CA – March 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $49.85 million in first lien construction financing for the development of the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos, California.
HFF worked on behalf of the borrower, R.D. Olson Development, to secure the three-year, floating-rate loan with two one-year extensions through a diversified financial services company. Loan proceeds will be used to develop the hotel.
The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel will be completed in 2017. Located in San Carlos, an affluent Silicon Valley suburb halfway between San Francisco and San Jose, the hotel will sit on a 3.92-acre site at the northeast corner of Industrial Road and East San Carlos Avenue. Highway 101 runs along the eastern boarder of the site, which is next to San Carlos Airport and near some of the world’s largest tech companies.
The HFF debt placement team representing the developer was led by managing director James Fowler.
“R.D. Olson Development, a leading owner and developer of hotels, has earned a reputation for delivering high-quality projects and creating immense value,” Fowler said. “The proposed quality of finish and amenities for the hotel, combined with its superb location and excellent brand in Marriott, will certainly carry on that tradition of excellence.”
About R.D. Olson Development
R.D. Olson Development is engaged in the development and repositioning of commercial properties nationwide, specializing in hospitality properties. The company has developed more than $1 billion dollars in hotel assets/development since 2000. When other development companies were waiting out the great recession of 2008, R.D. Olson Development was diligently pursuing hotel sites, backed by the belief that there are good deals to be done during every part of the economic cycle. Since founding R.D. Olson Development in 1997, Bob Olson has built an executive team of employees who are at the top of their respective fields. This team allows the company to collaborate and successfully execute projects from start to finish. R.D. Olson Development strives to “create value,” and Bob’s work philosophy is “to always be respectful, to be fair and to reward your people for individual and company success”. The synergy of the development team, along with Bob’s values, is what sets R.D. Olson Development apart and makes for a thriving business environment. For more information, visitrdodevelopment.com .
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.