Shopoff Completes Bridge Loan for Palm Springs Hotel Redevelopment Project
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has completed a $750,000 short-term bridge loan for the predevelopment expenses associated with the TOVA Hotel + Beach Club located in Palm Springs.
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has completed a $750,000 short-term bridge loan for the predevelopment expenses associated with the TOVA Hotel + Beach Club located in Palm Springs. The borrower, 1875 N. Palm Canyon Partners II LLC, is a California limited liability company affiliated with American Gateway Regional Centers LLC (AGRC).
The bridge loan is secured by the TOVA Hotel + Beach Club property, which is fully entitled for a 104-room hotel geared toward Southern California and international travelers. The 4-star hotel will include a “beach club” component with a 4,500-square-foot pool. The borrower is currently negotiating a construction loan, which will result in the repayment of the bridge loan.
“We’ve seen the Palm Springs tourism market booming in recent years, and when complete, this hotel redevelopment will provide a wonderful new lodging option for local and international visitors alike,” said Shopoff Realty Investments CEO William Shopoff. “By securing this loan with an AGRC-affiliated asset, we are confident this loan will result in a mutually beneficially outcome, assisting AGRC as they move on to the next phase of their project, and also providing Shopoff with a potential for return that is secured by a physical asset.”
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 26-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
