Tuscan Inn Fisherman’s Wharf
425 North Point St, San Francisco, CA 94133
Property Overview
This investment is a first mortgage origination providing acquisition financing on the Tuscan Inn which is located in the heart of Fisherman’s Wharf, San Francisco’s most visited tourist destination, just two blocks from the Pier 39 waterfront. The Inn is also within walking distance to some of the nation’s most famous tourist attractions, including Ghirardelli Square, the Alcatraz ferry, and North Beach. Built in 1990, the Property is in excellent condition, having benefited from institutional ownership and a significant renovation completed in 2008. The renovation included guest rooms, guest room bathrooms, meeting and food and beverage facilities.
The four-story Tuscan Inn is one of the newest hotels in the area and offers 221 elegant guest rooms equipped with modern amenities, 1,900 square feet of flexible meeting facilities and a popular Italian three-meal restaurant. Other amenities include a business center, complimentary evening wine receptions, and concierge services. The Hotel also contains a 68-car underground parking facility.
Investment at a Glance
Location: San Francisco, California
Property Type: Hospitality
Investment Type: First Mortgage
Acquisition Date: January 21, 2010
Total Loan Amount: $20,200,000
Initial Loan-to-Value: 54.6%
Loan-to-Value: 60 months
Appraised Value: $37,000,000
No. of Buildings: 1
No. of Units: 221
