Goldman Sachs Mortgage Company has provided a $55 million acquisition loan on the 306-room Hilton Irvine/Orange County Airport in southern California. The lender provided the 10-year, fixed-rate loan to Infinity Realty Advisors.
The borrower purchased the hotel from DiNapoli Capital Partners free of existing debt, according to HFF, which will service the loan. The 10-story, 32,188 sq ft property is located at 18800 MacArthur Boulevard in a business and retail district of Irvine, California.
Recent capital improvements at the hotel, including newly constructed rooms and renovations, along with the region’s lodging market fundamentals, maximized the price for the sale.
Orange County lodging sub-market is one of four major hospitality markets in California that have “multiple demand drivers capable of absorbing new rooms,” according to a Marcus & Millichap report released this August. Four out of every five hotel rooms currently under construction in the state are in Orange County, Los Angeles, San Diego or San Francisco.
Goldman Sachs recently teamed up with Morgan Stanley on a $1 billion financing to Lineage Logistics on 42 refrigerated warehouses and also provided the largest apartment financing in San Francisco’s history in February: an $815 million financing on 62 mixed-use multifamily apartment properties.