FOR IMMEDIATE RELEASE
Contact: Lauren Smith
IDEA HALL
(714) 436-0855 ext. 23
lauren@ideahall.com
Buchanan Street Partners Arranges $59 Million Loan for Construction of a New 208-room waterfront hotel in Monterey, CA
- Affiliate of Pacific Hotel Management to develop first new full-service hotel in Monterey, CA in 20 years
Newport Beach and Monterey, CA (September 7, 2006) - Buchanan Street Partners, a leading national real
estate investment bank, has arranged a $59 million construction and mini-perm loan on behalf of
Cannery Row Hotel Development Venture, L.P., an affiliate of Pacific Hotel Management, LLC of
San Mateo, CA. The loan, provided by Wells Fargo Bank, will finance the development of the 208-room
Cannery Row Hotel, a full-service hotel and parking garage located at 750 Cannery Row in Monterey, CA.
"This financing was successful due to the capital providers' ability to recognize the strong
sponsorship and team at Nexus," said Tim Hawthorne, Buchanan Street Partners' executive vice
president. "This project will bring a very well-designed and a cosmopolitan living option to the
growing population and evolving lifestyle trends in Orange County."
The Cannery Row Hotel will be the first new full-service hotel built in Monterey in 20 years. The
hotel will consist of two four-story buildings with 208 rooms, a 95-seat restaurant and bar, more than
10,000 square feet of banquet and meeting space, 20,000 square feet of retail space on the ground level
of both buildings, and a separate four-level parking garage. The waterfront property is on historic
Cannery Row, adjacent to the world-famous Monterey Bay Aquarium,1.5 miles from downtown Monterey and
the Monterey Conference Center.
"The Cannery Row Hotel project was originally brought to the capital markets in September 2005 and
since that time the hospitality financing market has improved," said Thomas Sherlock, Managing Partner
of Buchanan Street. "Despite a challenging construction environment, we were able to secure competitive
terms and pricing through Wells Fargo."
"Based on previous successful transactions with Buchanan Street Partners we selected them to arrange
financing for the project," said Clement Chen, III, president of Pacific Hotel Management. "They were
able to recognize the market appeal of the Cannery Row and the Aquarium to both consumers and the
lending community, and leveraged that to finance the project within our financial and time frame
requirements."
About Buchanan Street…
Buchanan Street Partners is a real estate investment bank that
provides real estate capital for owners and developers. The firm makes principal equity investments
for real estate in a discretionary capacity, arranges debt and structured finance, is an investment
manager to institutional and private investors, offers investment sale brokerage services, and
has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles,
San Francisco, Chicago and Atlanta.
About Pacific Hotel Management…
Pacific Hotel Management, LLC, based in
San Mateo, CA, is a privately-owned company that specializes in the development and management of
high-quality hotels using a variety of franchise brands. Currently, the company and its affiliates
own and operate eight hotels in California, valued at more than $200 million. For more information,
visit www.phmhotels.com.
