Jan
23
AVANA Capital Closes $60M Construction Financing
ByThe company provided the loan to Mogul Capital for the development of a dual-branded hotel, comprising 354 guestrooms, in Hawthorne, Calif.
Mogul Capital has received a $60 million construction loan for the development of a dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne, Calif. AVANA Capital closed the financing transaction, which includes a $50 million conventional loan and a $10 million mezzanine loan with above market leverage.
Located in downtown Hawthorne, the 354-key hotel will feature a restaurant, swimming pool and a meeting room for business purposes. The property is situated near many aerospace-related businesses, such as SpaceX, Northrop Grumman, Tesla’s design headquarters, Boeing, Aerospace Corp., Raytheon, LA Airforce Base and Mattel. Additionally, Los Angeles International Airport is within five miles of the property…
