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Contact: Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 31
jessica@ideahall.com
Buchanan Street Partners Structures Hotel Financing Deal for Makar Properties
- Buchanan Street Partners helps Makar obtain financing for an acquisition of a hotel in a prime location in Orange County
- Tourism and business travel expected to remain strong in Orange County
Newport Beach, CA (October 18, 2006) - Buchanan Street Partners, a national real estate
investment bank, arranged a $31 million, 3 year, bridge loan for Makar Properties. The non-recourse
loan funded the acquisition and renovation of Wyndham Orange County, a 238 room hotel located in the
South Coast Plaza area.
"The South Coast Metro is becoming the downtown of Orange County as it combines Class 'A' office with
world-class shopping and the arts, and is now emerging with high-rise residential developments" said
Tim Hawthorne, Buchanan Street Partners' executive vice president. "The acquisition allows Makar to
capitalize on the evolution and increasing popularity of the area, while elevating the property's
identity, services and clientele through their investment." The LA Economic Development Corporation
expects business in Orange County to remain strong and anticipates unemployment to range in the mid
to low three percent. The economic organization also forecasts overnight visitors in Orange County to
continue rising and reach 46.2 million by 2008.
This represents the third transaction that Makar and Buchanan Street Partners have worked on together.
The acquisition adds to the Makar hotel portfolio, which includes the St. Regis Monarch Beach Resort
and Spa in Dana Point.
About Buchanan Street Partners…
Buchanan Street Partners is a national real estate investment bank that
provides real estate capital for owners and developers and investment management for institutions and
private investors. The firm's investment banking services include structured finance and investment sales
for commercial, multi-family and hotel properties. Offices are located in Newport Beach, Los Angeles,
San Francisco, Chicago, Atlanta and greater Washington D.C.
About Makar Properties…
Makar Properties LLC is a diversified real estate development, investment
and holding company with primary operations in California and the Southwestern United States. The Newport
Beach-based firm specializes in the acquisition and development of resort, office, mixed-use, industrial
and residential properties in upscale locations.
