Friday May 9th, 2014 - 10:00AM
WEST HOLLYWOOD, CA—Mission Capital Advisors’ Debt & Equity Finance Group arranged $15 million in first mortgage financing for the Palihouse West Hollywood, a 37-key, boutique, long-stay hotel here.
Secured on behalf of owner Beverly Pacific, LLC, the loan equates to $405,000 per key for the hotel, which has recently implemented a general update of the property, including a refresh of its rooms, lobby, common areas and restaurant. Ownership also intends to install a rooftop bar and lounge.
The Mission Capital team that secured the financing from a large domestic commercial bank was led by Managing Director Jordan Ray, Associate Director Steven Buchwald and Director Gregg Applefield.