Commercial Real Estate Finance (CRE-Finance) has been hired by Truax Development to arrange $75 Million in Construction Financing for Luxury Boutique Hotel and Parking Garage in Old Town, Temecula CA
CRE-Finance is offering some of the most competitive capital in the market place for Non-Recourse commercial loans. We offer higher Loan to Costs on a first mortgage plus renovation costs, tenant improvements or PIP for Hotels over and above the LTC.
NEW YORK, May 30, 2019 /PRNewswire/ -- Commercial Real Estate Finance (CRE-Finance) announced that they have been retained by Temecula Hotel Partners, Old Town, LLC (A Division of Truax Development) to procure a $75 million new construction loan for the development of The Truax Hotel and Parking Garage, a 185 room 4 Star luxury boutique hotel with wedding, banquet and conference facilities. The parking garage will provide 500 plus space parking directly across from the hotel entrance.
The financing will secure the development of a Marriott Autograph Collection luxury hotel incorporating state-of-the art technology but still evoking the spirit of authentic California ranch living with a contemporary style.
The Temecula Valley is in the heart of Southern California's wine country. It is located within 1 hour from San Diego and 1 1/2 hours from Los Angeles. It is renowned for its award-winning wines, beautiful rolling hills and stunning golf courses. The region attracts close to 3 million tourists every year and has a population of 500,000 residents. Vibrant Old Town Temecula is Temecula Valley's popular arts, entertainment, shopping and dining district. The pedestrian friendly, historic, 12 block neighborhood melds genuine respect and appreciation for the Old Town legacy with casual, contemporary style and enthusiasm.
The Truax Hotel and Parking Garage development located in Old Town Temecula, California will be the only luxury hotel in downtown Temecula. It will become the destination for all travelers looking for a luxurious experience with award winning wines and spectacular dining experiences.
CRE-Finance offers customized solutions for small, medium and large size businesses. We specialize in debt financing for commercial real estate owners, developers, individuals, business owners and entrepreneurs. CRE-Finance overcomes common financing challenges for its clients and engineers prompt, innovative and reliable finance solutions outside the "bankable box".
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SOURCE CRE-Finance
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