Republic Urban Properties & Huntington Hospitality Group Secured $42MM Loan for Millbrae Marriott Residence Inn

Republic Urban Properties, Huntington Hospitality Group, Western Alliance Bank, San Jose, Millbrae, Gateway at Millbrae Station, Marriott Residence Inn

Loan will go towards construction of the Marriott Residence Inn at Gateway at Millbrae Station 

San Jose, Calif., (August 11, 2020) – After seven months of negotiations, in the middle of a global pandemic where construction loan closings for hospitality have been scarce, the partnership of Republic Urban Properties (RUP) and Huntington Hospitality Group (HHG) have announced that they have secured and closed a $42 million loan from Western Alliance Bank. The loan amount will go towards the construction of a 164-room Marriott Residence Inn at Gateway at Millbrae Station.  

At a total cost of $95 million dollars, the 164-room Marriott Residence Inn at Gateway at Millbrae Station will be developed and managed by Republic Urban Properties and Huntington Hospitality Group. RUP, HHG and EB-5 Capital of Washington DC have invested over $34 million of equity in what is an overall $500 million investment in the City of Millbrae as part of the overall Gateway at Millbrae Station Project. In December 2019, Republic and Principal Group closed on a $206 million construction loan with US Bank for the residential and office buildings.             

“We are absolutely thrilled to see this transformational project move forward for the benefit of the Millbrae community! Securing the construction funding during one of the most challenging times in Bay Area history is a major milestone on this journey to creating a landmark hospitality project with tremendous economic and community benefit for the City of Millbrae for generations to come,” said Michael Van Every, Chief Executive Officer, Republic Urban Properties. “Republic is blessed to be working with a partner of the quality of the Huntington Hospitality Group, that remained committed to our vision over six-years, as we made our way through entitlements, the ground lease with BART and financing.”       

With a track record for success in the development and operation of premier hotels, the Huntington Hospitality Group has developed over 20 hotels, and currently operates 17 hotels throughout the United States.  

“Gateway at Millbrae Station will be world-class destination for the region,” said President and CEO, Kevin Keefer, Huntington Hospitality Group. “Our hotel will be a major amenity that will allow for travelers from around the world to spend the night at a quality hotel while enjoying one of the best shopping experiences in the region.”  

Located minutes from the San Francisco International Airport, the Gateway at Millbrae Station development is considered one of the largest transit-oriented developments in the Bay Area. With 157,000 square feet of office space, 320 (300 market rate & 20 inclusionary affordable) market- rate apartments, 80 veteran preferred affordable housing units, and 44,000 square feet of mixed-use retail, Gateway at Millbrae Station, with its proximity to the Millbrae BART and Caltrain stations, will be a model for integrating housing with vital access to public transportation. 

About Republic Urban Properties:  

Over the last 40 years the Republic Family of Companies has developed 27,000,000 square feet of real estate across all categories representing an investment at cost of over $7 billion. It currently has more than $2 billion of new projects under construction and development in the Washington, DC SMSA, San Jose/San Francisco area, and the Southeast. Republic has executed over 35 private/public sector projects and is now working on a number of multi-hundred million-dollar projects in major cities around the U.S. and has millions of square feet in its development pipeline. These developments include, among others, the development of a wide range of signature and monumental commercial properties, including Washington Harbour, Market Square, Republic Square I and II, and the Portals, a 3MM square foot project, including the Mandarin Oriental Hotel in Washington, D.C. Recently completed construction projects include 1331 Maryland Avenue, a 373 unit residential building adjacent to the Mandarin Oriental Hotel in downtown Washington, DC (2019). This monumental signature luxury apartment building looks over the Jefferson Memorial, with views of the Potomac River, National Mall, Lincoln Memorial, Arlington National Cemetery, and U.S. Capitol. Estimated project costs are $220 million. Republic is also presently acquiring and developing over 1,000 units per annum of multifamily projects throughout the country with plans to accelerate development over the coming year. Republic’s financial capacity is deep, and the company has enjoyed relationships representing billions of dollars with major lenders, such as insurance companies, pension funds, private equity firms and real estate investment trusts (REITS).   

About Huntington Hotel Group:

Huntington Hotel Group was founded in 1998 by Kevin Keefer and Brent Andrus with the vision of developing and managing premium brand select service hotels in markets with high barriers to entry. Huntington Hotel Group has developed 13 hotels over the past 14 years and operates a portfolio of 24 select service hotels with a total of over 3,400 rooms located in California, Florida, Georgia, Maryland, New Jersey, Oregon, Texas, and Virginia.   

About EB-5 Capital:  

EB5 Capital owns and operates USCIS-authorized Regional Centers that serve 14 states, most notably in California, New York, Oregon, and the District of Columbia. We raise capital from foreign investors to finance job-creating projects across the United States under the EB-5 Immigrant Investor Program. 

Our clients come from 65 different countries, and all are eligible, along with their families, to become permanent residents of the United States by investing in qualifying U.S. businesses through our Regional Centers. 

With over 27 completed and current projects, a 100% I-526 and I-829 project approval rate, and repayments to investors on multiple past projects, we are one of the few EB-5 operators with such an accomplished track record. Our first I-526 approval came in 2008, when there were fewer than 15 Regional Centers in the country. 

EB5 Capital’s success comes from working with experienced development partners, using rigorous standards to select projects, and investing in strong real estate markets. Since EB5 Capital was founded in 2008, our mission has been the same: to connect qualified investors with superior job-creating projects that satisfy all of the requirements of the EB-5 Visa Program.  

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