Suraj Desai Of BlackBearCapitalPartners Arranges $24.4M Construction Loan For Barstow Hotel

The three-year construction loan for the development of a 181-key hotel located at 2551 Mercantile Way in Barstow, CA has been secured. The loan amount is $24,400,000, representing a 75% loan-to-cost (LTC) ratio. The site, spanning 3.28 acres, is cleared and ready for construction. The project will consist of a four-story limited-service dual-branded lodging facility associated with the TownePlace Suites and Fairfield Inn & Suites brands. Amenities will include a breakfast dining area, bar, meeting space, fitness room, outdoor pool, lobby workstation, market pantry, guest laundry room, outdoor patio area, and 185 surface parking spaces. The completion date is set for January 1, 2023.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $24,400,000
• Loan Type: Construction
• Loan Terms: 3-year fixed-rate loan
• Loan-to-Cost (LTC) Ratio: 75%
• Address: 2551 Mercantile Way, Barstow, CA
• Market: Barstow, CA
• Broker: Suraj Desai - BlackBearCapitalPartners

The loan was secured by Suraj Desai of BlackBearCapitalPartners. The project involves the development of a dual-branded hotel, offering 181 rooms, in Barstow, Southern California’s San Bernardino Valley. The hotel is scheduled for delivery on January 1, 2023, and will feature the TownePlace Suites and Fairfield Inn & Suites brands. Additional amenities include a breakfast dining area, bar, meeting space, fitness room, outdoor pool, lobby workstation, market pantry, guest laundry room, outdoor patio area, and 185 surface parking spaces.