(EDITOR’S NOTE: According to public documents, the loan was for $23.2 million, which was executed late November 2016. The Newark, CA location was purchased in December of 2012 for $11.5 million.)
LOS ANGELES, CA (February 14, 2016) – Stockdale Capital Partners, a vertically-integrated real estate investment firm based in Los Angeles, announced the successful refinancing of Aloft hotels in Silicon Valley and Tempe, AZ. The financing was secured through the Phoenix, AZ office of MidFirst Bank, an Oklahoma City, OK-based portfolio lender. Terms of the financing were not disclosed.
The Aloft Silicon Valley in Newark, CA is a 172-room full service, all-suite Aloft Hotel acquired by an affiliate in December 2012. The owner completed a full renovation and conversion to the Aloft brand, reopening the hotel in March 2013. The hotel sits next to the 1.4 million square foot Pacific Research Center, a major life science and technology campus owned by Biomed Realty.
The Aloft Tempe is a 136-room hotel developed by Stockdale and opened in 2009. The property is close to a 2 million square foot regional campus currently in the final stage of development for State Farm Insurance and is within a few miles of the Arizona State University campus, downtown Tempe and Sky Harbor International Airport.
Stockdale’s founding principals Steven Yari and Shawn Yari have a long and successful history in the hospitality industry. Together, they have developed or converted several hotels in the western U.S. including the highly successful W Scottsdale Hotel in downtown Scottsdale. When constructed in 2007, the W Scottsdale was the first full-service hotel to be built in Scottsdale for 20 years and the first affiliated with the W brand in Arizona. It now anchors Scottsdale’s Downtown Entertainment District, a vibrant live-work-play neighborhood envisaged and developed by Steven and Shawn Yari which includes the 126-room Aloft Scottsdale Hotel fully renovated and converted by Stockdale Capital in 2016.
Over the last 10 years, the firm has continued to build a significant presence in western U.S. real estate markets via direct investing, commercial development and through several programmatic joint ventures on behalf of institutional partners. Also last year, Stockdale Capital Partners formed a $100M venture with an unnamed investor to acquire medical office buildings in Los Angeles and a $75M partnership with private equity fund Siguler Guff for value-add investments across the Southwest. Both programs have announced acquisitions since launching. In September 2016, the firm announced a major venture with London-based Grosvenor Group and San Diego’s Ace Parking to acquire and own parking assets across the Southwest. The venture closed on its first acquisition, in San Francisco, this week. For more information, visit: www.stockdalecapitalpartners.com
About Stockdale Capital Partners
Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 60-year family office heritage focused on owning and operating commercial real estate over multiple asset classes throughout the Southwest. Stockdale’s leadership team has a long history of operational success and the firm’s in-house property management team has the ability to easily execute cutting-edge renovations and/or reposition large properties. Stockdale has offices in Los Angeles, Phoenix-Scottsdale and Houston.