Borrower

Borrower

The borrowing entity is City 24, LP, a joint venture of Gaslamp Hospitality Management Inc. and the Mandell Development Family Office, which has a track record of working together to successfully execute hospitality ventures throughout San Diego County, including the Comfort Inn in Downtown San Diego which the partners have owned together for over 20 years. Mark Mandell is the head of the Mandell Development Family Office and Square One Development, which he founded in the 1980s. Mark Mandell has formed over 20 different real estate ventures.

Mandell Development Family Office has been in the construction and real estate business since the early 1960s. Earlier generations focused their business on large-scale building demolition. Mark Mandell’s focus turned to real estate development in the late 1970s. Since then, he has managed all aspects of the acquisition, development, management and repositioning of substantial real estate projects Mr. Mandell is also a respected member of the community, serving for many years on the Board of Board of Directors of San Diego National Bank from 1992 to 2009. He currently serves on the Board of Trustees for California Western School of Law in San Diego. Mark has further proven himself through his other venture Square One Development which has developed and managed over 700 apartment units, 300 single-family and attached homes, 400 acres of land, and over 1,300,000 square feet of commercial and industrial projects since the early 1980s. He has developed and managed a variety of commercial mixed-use developments, including hospitality, office, light industrial, and retail mainly in San Diego County. Square One Development’s current portfolio includes the Comfort Inn in the Gas Lamp District of San Diego, two office properties in Kearny Mesa, Scripps Ranch Mira Mesa Commercial Center which is a mixed-use retail and office property, and a Rancho Vista Business Park. Mark has created a successful, vertically integrated development and management model. Jonathan Mandell, Mark’s son, has actively participated in the family business since he was still a teenager. He is now responsible for all aspects of the business, including strategic acquisitions, portfolio management, leasing, construction of tenant and capital improvements, and financing. Gaslamp Hotel Management Inc. was founded by Dana Blasi in 1984. Gaslamp Hospitality Management Inc. has successfully owned and operated 12 hotel properties nationwide. Mr. Blasi has also spent the last 15 years on the Wyndham Hotel Advisory Board.

Ramada St. James San Diego, CA

Square One Office Plaza San Diego, CA Comfort Inn San Diego, CA

Scripps Lake Office Park San Diego, CA

General Contractor

Murfey Company’s hospitality division is the licensed general contractor hired to build City 24. Murfey Company is headquartered in San Diego and maintains and experienced staff of 25 employees. The general contracting firm headed by Scott Murfey and Russ Murfey whom possess over 50 years of combined experience. Murfey Company has built over $75 Million dollars worth of development over the last ten years including hotel renovations, retail tenant improvements, and ground up multifamily buildings. For more information please visit: murfeycompany.com/about

The Californian San Diego, CA

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