Jul
30
InfiniPower Lands $54M for Upcoming Silicon Valley Marriott
ByCBRE secured construction financing for the development of a 147-key Marriott Residence Inn and a 114-key Fairfield Inn & Suites in North San Jose. InfiniPower Hospitality plans to develop the property on a vacant 6.7-acre site purchased in 2006.
InfiniPower Hospitality Group is developing two co-branded Marriott hotels in North San Jose. Johnson Hospitality will manage both the 147-key Marriott Residence Inn and the 114-key Fairfield Inn & Suites, for which CBRE has arranged $54 million in construction financing. Huff Construction will be the general contractor for the four-story project slated for completion by mid-2019.
CapitalSource provided approximately $35 million, while Canyon Partners Real Estate provided $19 million in preferred equity. John Nelson and Erik Franks of CBRE’s San Francisco office arranged the 60-month fixed and floating structured financing on behalf of the developer…
