|LOS ANGELES - (May 17, 1999) - Pacific Coast Capital Partners,
LLC, (PCCP), a new source of entrepreneurial real estate capital with offices
in Los Angeles and San Francisco, announced today that it has provided
$15.3 million in senior and mezzanine credit facilities to finance the
acquisition of two AmeriSuites hotels in Texas. The hotels are the
128-suite AmeriSuites Greenspoint in Houston and the 128-suite AmeriSuites
San Antonio Airport in San Antonio. The credit facilities were provided
to a subsidiary of Houston-based Lane Hospitality, Inc.
"This transaction is further evidence of the need for entrepreneurial risk capital in today's competitive real estate market," said Nicholas V. Colonna, a founding partner of PCCP. "Here is a high quality borrower with superior expertise in the hospitality industry seeking to purchase properties to which it can add significant value in the next few years. We were able to assess the transaction quickly, provide a prompt response and then deliver the necessary capital to complete the transaction in a timely fashion," he added.
"For borrowers faced with the need for capital unconstrained by rigid lending parameters, as well as quick and certain delivery of that capital in order to close deals, we think we provide one of the best capital programs in the market today," said William Lindsay, also a founding partner of PCCP.
PCCP recently announced the funding of transactions totaling more than $150MM. Recent transactions include a $6.5 million equity investment in a downtown San Francisco office building; a $4 million mezzanine loan in to be built Phoenix apartments; and $20 million in off-balance sheet land financing.
Pacific Coast Capital Partners, acting as a principal, pursues investment and lending opportunities to support value-added real estate projects of all kinds. The firm emphasizes transactions in the western United States.
PCCP's investment program entertains a wide range of capital deployments including equity investments (either direct or as co-investment capital to developer sponsors); mezzanine loans (subordinate to first mortgage loans, or containing a component in excess of traditional loan to value standards); and short-term first mortgages including construction loans, loans with equity kickers and participation interests, lease-up and stabilization assistance loans, loans on properties in turnaround situations, and discounted payoff and discounted note acquisition loans.
Pacific Coast Capital Partners, LLC (PCCP) was formed in 1998 to deploy capital to entrepreneurial real estate owners and developers in a variety of capital formats. PCCP deploys capital via short-term debt, or equity instruments, or a blend of both to support new or existing commercial real estate projects across all major property types. Based in San Francisco and Los Angeles, PCCP chiefly invests throughout the Western United States.
|Also See:||Prime Hospitality Sells AmeriSuites Hotel for $10.8 Million; Plans Additional Hotel Divestitures in 1999 / Dec 1998|
|Prime Hospitality Corp. Opens Eight New Hotels; Six AmeriSuites, Two HomeGates Open / Jan 1999|