Square Mile Capital Management announced yesterday that it has originated a construction loan to finance the Menlo Gateway development.<\/p>\n
The $145 million loan was arranged by representatives of NorthMarq Capital and is secured by an office building, a parking structure and a fitness center that are being developed by The Bohannon Cos. Current construction is still part of the first phase. Bohannon’s Menlo Gateway has been a decade in the making – first proposed in 2007, the project stalled through community meetings, city planning commission debates, a city referendum and then a recession. The city-approved project description lists what The Bohannon Cos. set out to accomplish on the site:<\/p>\n
Phase I of the 16-acre master-planned development broke ground a year ago and set out to turn a retired industrial park into a dynamic urban center. According to the Silicon Valley Business Journal<\/em><\/a>, including the hotel was a city requirement, in order to build any of the office space.<\/p>\n Long Beach-based Ensemble Hotel Partners joined forces with Bohannon on what is turning out to be an 11-story, 250-key, full-service property. While it has not been named yet, the hotel will be part of the Marriott Autograph Collection network. Roughly 20,000 square feet of indoor and outdoor meeting and event space come with the four-star hotel.<\/p>\n