Congratulations to our long-time clients who recently secured permanent debt to take out a construction loan on a hotel they completed in 2019. Because the client is a fantastic operator, the property is the newest hotel in the comp set located in a fantastic central San Diego location. Trailing 12-month occupancy was 95.07%.
Slatt Capital obtained quotes from insurance company, CMBS, and bank lenders with the loan ultimately being arranged through a bank relationship Slatt Capital has a successful track record working with. The lender priced the loan at 150 basis points—30 basis points inside the competition. A smooth closing process combined with the lender's strong relationship focus has led to the bank taking a strong look at financing additional properties for our client.
