On Monday, Creative Media & Community Trust Corporation (CMCT) announced the successful closure of a secured loan worth $92.2 million for its Sheraton Grand Sacramento Hotel and parking garage located at 1230 J St. in downtown Sacramento. The lender’s identity has not been disclosed.
The loan, which is a floating-rate and interest-only type, will mature in December 2026 with three one-year extension options available upon meeting standard conditions for extensions.
Out of the total amount borrowed, $84.3 million was used to pay off existing debt on CMCT’s corporate-level credit facility as well as cover fees and expenses related to securing the loan. Additionally, funds were allocated towards renovating all 505 guest rooms and suites at the hotel with an additional future advance component of up to $7.9 million specifically designated for room renovations costs.The renovation project began earlier this year and is expected to be completed by end of year 2024 according to CMCT.
This news was originally reported by Connect CRE on their website.
