### Airport-Adjacent Sheraton Secures $10.6M Cash-Out Refinance
Marcus & Millichap Capital Corporation (MMCC) has arranged a $10.6 million refinancing deal for the Four Points by Sheraton San Diego, a 225-key hotel located at 8110 Aero Drive. The property is adjacent to Montgomery-Gibbs Executive Airport in San Diego.
Chad O’Connor, executive managing director at MMCC’s San Diego office, secured the financing with a national bank on behalf of a private owner. The cash-out refinance features a five-year term, a 20-year amortization schedule, and a 70% loan-to-value ratio.
“We worked in conjunction with the City of San Diego to negotiate consent to lending because they have a ground lease on the site,” O’Connor noted. “The borrower reduced their interest rate by over 350 basis points by completing the refinance.”
The hotel is situated near key attractions such as the San Diego Zoo, San Diego Stadium, and the Gaslamp Quarter. On-site amenities include a restaurant and lounge, a 24/7 fitness center, an outdoor heated pool and hot tub, a business center, and 10 meeting rooms.
