Monrovia Hotel Credit Arranged

A $10-million credit enhancement has been arranged for the tax-exempt financing of a 181-room Holiday Inn under construction in Monrovia and scheduled for completion in late March or early April.

Pasadena-based First Interstate Mortgage Co. completed the transaction for Santa Anita/I-210 Inn Associates, a joint venture of Outlook Monrovia Partners Ltd. and S. A. Inn Associates Limited Partnership. Stanley W. Gribble & Associates is coordinating development, and Houston-headquartered Vista Host Partners will handle hotel management.

The hotel, which will have 6,000 square feet of meeting and banquet space along with a 100-seat restaurant/lounge and a free-standing club facility, will be on Huntington Drive just east of the eastbound exit of the Foothill (210) Freeway on a 4.6-acre site.