T2 Hospitality's Mike Patel Secures $105M Refinance Loan For Two Sunnyvale Hotels

The transaction involves the refinancing of two hotels located at 400 West Java Drive and 1235 Bordeaux Drive in Sunnyvale, CA. The assets include the 186-key TETRA Hotel and the 164-key AC Hotel by Marriott Sunnyvale Moffett Park, totaling 350 keys. A loan amount of $105 million has been approved for this refinancing process.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $105,000,000
• Landlord: Mike Patel - T2 Hospitality
• Brokers: Jeff Miller, Kim Bishop, Will Hainlen, Carson Kurland & Lauren Maehler - Talonvest Capital
• Loan Type: Refinance
• Loan Features: Non-recourse bridge loan, three-year term with two one-year extension options

Talonvest Capital arranged the loan for K1 Dev, an entity controlled by T2 Hospitality, and the loan is anticipated to provide substantial interest savings over its five-year duration.