IPA Capital Markets, a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, has secured $16.68 million in acquisition financing from Hillcrest Finance for the Residence Inn Santa Fe, N.M., a 120-key hotel located at the intersection of Galisteo Street and St. Michaels Drive, one of the busiest thoroughfares in Santa Fe, New Mexico.
Jordan Ray, executive managing director in IPA Capital Markets’ Los Angeles office, worked with Steven Buchwald, James Matheny and Rachael Krawiecki in the firm’s Manhattan office to secure the financing on behalf of the sponsor, Friedman Capital.
“In a relatively thin acquisition market, our client was able to tie up a great deal where we had some real time constraints,” Ray said in a statement. “We explored [commercial mortgage-backed securities] execution as well, but Hillcrest moved quickly and was a pleasure to work with.”
The Residence Inn Santa Fe consists of 15 two-story guestroom buildings. All units have a full kitchen. Amenities include a fitness center and outdoor pool, an onsite convenience store and guest laundry services.