Driftwood Capital Secures $37.9M Loan From Fifth Third Bank For San Diego Hotel Development

The asset involved in this transaction is a development site located at 8757 Rio San Diego Drive in the San Diego market. The project is backed by a construction loan amounting to $37,900,000 provided by Fifth Third Bank for Driftwood Capital. The site will feature a 148-key Element by Westin hotel, with an expected completion date in late 2026. The hotel will have shared amenities with the neighboring Marriott Mission Valley property, which was acquired by Driftwood in 2019.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $37,900,000
• Lender: Fifth Third Bank
• Landlord: Carlos Rodriguez, Sr. - Driftwood Capital
• Brokers: Jamie Matheny, Jordan Ray, Rachael Krawiecki & Steven Buchwald - Institutional Property Advisors - Marcus & Millichap
• Loan Type: Construction

The transaction involved key individuals and firms, including Carlos Rodriguez, Sr. as the landlord representing Driftwood Capital. The brokers facilitating the deal include Jamie Matheny, Jordan Ray, Rachael Krawiecki, and Steven Buchwald, who are affiliated with Institutional Property Advisors under Marcus & Millichap.