The Mayer Corporation has refinanced its 200-key Hyatt House Hotel at the University of Southern California’s health sciences campus in Boyle Heights.
The developer secured a $61.5 million loan from Westbrook Partners for the hotel, according to the Commercial Observer.
CBRE, which brokered the debt deal, said it’s the only hotel on the campus–and the newest hotel in the Boyle Heights district on the Eastside of Los Angeles.
The hotel opened at 220 Trojan Way in December of last year. It includes around 18,000 square feet of conference space and nearly 14,000 square feet of retail space.
Mayer Corporation developed the five-story hotel with the help of a $49 million construction loan from Canyon Partners. The loan deal closed in late 2018.
Development is coming to the south side of the USC campus as well — the Yousefian Family Trust filed plans for an 85-unit apartment complex at 1016-1030 North State Street in January of last year.
Westbrook has been involved with a handful of deals on the West Coast in recent years. The firm bought a 45-story condo project in San Francisco from developer Millennium Partners in 2018.
Last year, Westbrook partnered with Avalon Investment and Captiva Partners to purchase a newly built studio complex in Atwater Village.
The partners paid $38 million for the property and in August signed entertainment company FremantleMedia to a 43,000-square-foot lease there.
[CO] — Dennis Lynch
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