Luxury Hotel Development near Santa Barbara’s Trendy Funk Zone to Feature 105 rooms, rooftop amenity
Santa Barbara, Calif. – Concord Summit Capital, LLC (“Concord Summit”) has arranged $16.5 million in CPACE construction financing for the Marriott Tribute Hotel, a luxury hospitality project underway in Santa Barbara, Calif.
The development will feature a 105-key hotel with a rooftop amenity overlooking the Pacific Ocean, located in Santa Barbara’s sought-after East Beach/Funk Zone neighborhood. The Funk Zone is a vibrant district known for its eclectic mix of wineries, breweries, art galleries, and dining destinations, making it one of the city’s top attractions for visitors. The hotel’s prime location also offers convenient access to East Beach and Santa Barbara’s picturesque waterfront, ensuring strong appeal for both leisure and business travelers.
Concord Summit Capital Managing Director Tyler Beauregard sourced the financing on behalf of the borrower, Stratus Development Partners, LLC, a Newport Beach-based real estate firm. Stratus is a full-service developer with over 60 years of combined institutional real estate experience and a track record spanning more than $1.59 billion in development across high-barrier-to-entry markets.
“This is another great project from the Stratus Development team, which is positioned to elevate Santa Barbara’s hospitality offerings,” said Beauregard. “Given the project’s location in Santa Barbara and the sponsor’s track record for quality hotel developments, there was significant interest from the CPACE lending community. Incorporating CPACE into the capital stack greatly reduced the overall cost of capital for the construction financing .”
Construction of the Marriott Tribute Hotel in Santa Barbara is expected to commence in September 2025 and be completed in about two years.
About Concord Summit Capital
Concord Summit Capital is a leading intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. CSC provides three independent services across its investment platform. The Concord Summit Capital Advisory Team provides fee-based advisory services for debt and equity transactions for commercial real estate capitalizations, ranging from $3 million to $1 billion. The Advisory Team has arranged over $25 billion of debt, structured financing, and equity. The Concord Summit Capital Investment Team acquires distressed assets and non-performing loans from all banks and financial institutions across the nation. The Concord Summit Capital Fund Team invests in commercial real estate debt and equity structures in transactions ranging from $2 million to $35 million.
To get in touch, please contact Tyler Beauregard at tbeauregard@concordsummit.com or 303-810-8559. For more details, please see www.ConcordSummit.com.
