IRVINE, Calif. – September 17, 2018 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has completed a $750,000 short-term bridge loan to 1875 N. Palm Canyon Partners II, LLC, a California limited liability company, an affiliated company of American Gateway Regional Centers, LLC (AGRC).
This bridge loan is secured by the TOVA Hotel + Beach Club property located in Palm Springs, California.
The loan provided for payment of certain predevelopment expenses associated with the TOVA Hotel + Beach Club in Palm Springs, California. The property is fully entitled for a 104-room hotel geared toward Southern California and international travelers. A 4-star Gensler designed hotel, TOVA will include luxury amenities and an exclusive “beach club” component highlighted by 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.”
Investing in Shopoff Realty Investments limited partnerships involves a high degree of risk, including the possible complete loss of your investment. In addition to being an illiquid investment with an uncertain liquidity date, these investments may have other risks. The past performance of any of Shopoff Realty Investments' Limited Partnerships is no guarantee of future results. View Risk Factors.