HFF secures $10 million refinancing for boutique hotel in San Francisco’s Pacific Heights neighborhood
SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $10 million in refinancing for the Laurel Inn, a 49-room, boutique hotel located in the Pacific Heights neighborhood of San Francisco, California.
HFF worked on behalf of the borrower, Laurel SPE, LLC, to secure the 10-year, fixed-rate loan through Boston Private Bank & Trust. Loan proceeds will be used to refinance an existing loan and for renovations of the asset.
The Laurel Inn is located at 444 Presidio Avenue in Pacific Heights, a well-known, affluent neighborhood known for its large residences in northern San Francisco and proximate to the Presidio, Golden State Park, the Marina District and Fisherman’s Wharf. Situated at the intersection of California and Presidio Avenues, the hotel is within walking distance to the shops and restaurants located on Fillmore Street. The Laurel Inn features Swank Cocktail Bar & Lounge; lemonade and cookies served in the lobby each afternoon; all-day lobby coffee and tea service; a movie library; 24-hour business center with both PC and Mac platforms and Blu-ray players in every room. The hotel has a partnership with the San Francisco Jewish Community Center (JCC) directly across the street to allow guests to use JCC fitness facilities.
The HFF debt placement team representing the borrower was led by managing director Holden Lim and senior managing director Bruce Ganong.
“Due to the high quality, excellent location and strong performance of the Laurel Inn, numerous lenders were very interested in lending on the hotel,” Lim said. “The upcoming renovation will improve its star rating and enhance the overall competitiveness of the hotel.”
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.