July 19, 2019 – JLL announces it has arranged a $20.7 million refinancing for SpringHill Suites by Marriott San Diego Oceanside/Downtown, a 149-room, all-suite, LEED-certified Silver, select-service hotel located in downtown Oceanside, California.
JLL worked on behalf of the borrower to arrange the five-year, fixed-rate loan with Umpqua Bank. Loan proceeds will be used to retire existing loan, cover transaction costs and return portion of borrower equity.
SpringHill Suites by Marriott San Diego Oceanside/Downtown was developed in 2014 and features a rooftop lounge along with a pool and spa. Additionally, the six-story hotel houses the Hello Betty Fish House, 2,235 square feet of meeting space, a 24-hour fitness center, business center, game room, complimentary breakfast buffet and two levels of subterranean parking. Situated on 1.03 acres at 110 N. Myers Street, SpringHill Suites by Marriott San Diego Oceanside/Downtown in the center of Oceanside’s ongoing renaissance; within the three-block area adjacent to the hotel, nearly $500 million of new mixed-use development is either completed or under way, with hundreds of new residential units as well as retail and restaurants under construction. The hotel is also near North County San Diego’s tech cluster and within walking distance to Oceanside City Beach.
The JLL Capital Markets team representing the borrower was led by senior managing director Aldon Cole, director Olga Walsh and associate Aaron Lapping.