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Apollo closes mezzanine loan on Los Angeles airport hotel
Apollo Commercial Real Estate Finance has closed a $20m mezzanine loan secured by the 488-room Los Angeles Marriott Burbank Airport hotel in Burbank, California. MBURBThe five-year, fixed rate mezzanine loan carries a 74% loan-to-value and was underwritten to generate an 11% IRR. It is part of a $90m financing that includes a $70m first mortgage from Deutsche Bank subsidiary German American Capital Corp.
