Shopoff Realty Investments has provided a $750,000 loan to American Gateway Regional Centers. The loan was used for certain predevelopment expenses associated with the TOVA Hotel + Beach Club in Palm Springs, California.
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.”
About Shopoff Realty Investments
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 proactively 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). Performance has varied in this time frame. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.