SAN DIEGO— Culminating a four-year effort, JMI Realty announced that $104 million in financing has closed for the new Omni San Diego Hotel and Metropolitan condominiums that are planned across from the Ballpark in downtown San Diego. This transaction is the largest— and one of just a few— hotel loans that have closed in the United States since September 11, said the company. “JMI Realty and John Moores promised the people of San Diego that we would build a four-star hotel next to the Ballpark, and we are delighted to announce that with this final hurdle behind us we will be resuming construction on the Omni San Diego Hotel immediately,” said John Kratzer, president of JMI Realty, master developer of the Ballpark District. “Our lending team has remained steadfastly committed with us to seeing this project through, and we thank them for their patience and hard work in helping to make the Omni San Diego Hotel a reality.” The JMI lending team comprises two of the worlds foremost lending institutions, Bank One, NA and Westdeutsche Landesbank Girozentrale, as well San Diego National Bank, San Diego Countys largest community bank. Additionally, JMI Realty and Omni Hotels are making significant investments in the hotel as well. Financing of the hotel was delayed after construction stopped pending the outcome of several lawsuits against the Ballpark. The last of the lawsuits was dismissed in January, and construction on the Ballpark resumed in February. That same month, JMI Realty announced that Omni Hotels would be its partner in the development and operation of the hotel portion of the project. The Omni San Diego Hotel will be located directly across from the recently expanded convention center and the new Ballpark. The curvilinear glass tower will rise 32 stories and willl offer sweeping bay, ocean and city views from many of its 512 guestrooms. Additionally, the top 11 floors are being privately developed as The Metropolitan, 37 luxury condominiums that are being offered for sale.
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