PNC Real Estate has delivered a multifaceted financing package for developer R.D. Olson Development and the Courtyard by Marriott Irvine Spectrum in Irvine, California.
The project was funded in partnership with Joseph Martelli Real Estate Investments.
The property accommodates visitors to the nearby Irvine Ranch Conservancy, which comprises 50,000 acres of permanently protected wild lands and parks. It also serves the growing demand for lodging regionally and from the 5,000-acre Irvine Spectrum, home to a 24 million-square-foot office and industrial destination.
The hotel’s interior design incorporates art, photography and the use of recycled woods intermixed with high-tech finishes and materials as a tribute to the Irvine Ranch environment. Guest rooms include technology features at the leading edge of hotel design.
In 2013, PNC Real Estate provided an initial $30 million dollar construction loan, and upon completion and stabilization of the asset, refinanced the construction loan with a $49 million permanent loan with a five-year term and five-year extension option. The transaction also included capital markets and multiple treasury management services.
Founded in 1997 and based in Irvine, California, R.D. Olson Development specializes in developing hospitality properties. The firm also develops office, retail, multifamily and recreational projects. In 2014, R.D. Olson Development was named Developer of the Year by Marriott International.
"PNC Real Estate’s participation has resulted in a state of the art hotel that pays respect to the generations of land stewardship that have shaped development on the Irvine Ranch," notes Bob Olson, CEO and founder of R.D. Olson Development.
Date: October 2015
Location: Irvine, California
Financing Amount: $49 million
Financing Type: Permanent loan
Scope: 210 rooms
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