Berkadia Arranges $92.5M Refinancing for Hotel Portfolio in Carlsbad, California
Carlsbad, California – October 11, 2024 – Berkadia announced today the refinancing of two hotels: Cape Rey Carlsbad Beach, a Hilton Resort & Spa and Hilton Garden Inn Carlsbad Beach, both located in Carlsbad, California. Managing Director Scott Hall and Senior Director Aaron Lapping of Berkadia Hotels & Hospitality secured the $92.5 million loan through MetLife Investment Management on behalf of the borrower, California-based Wave Crest Hotels and Resorts. The deal closed on October 8.
The five-year loan featured a half-term interest-only provision and a 65 percent loan-to-value ratio.
“Wave Crest’s strong stewardship has fortified these hotels as premier destinations along Carlsbad’s highly desirable coastline,” said Hall.
The 215-key Cape Rey Carlsbad Beach, a AAA 4-Diamond resort, and the 161-key Hilton Garden Inn Carlsbad Beach benefit from strong positioning within coastal North County San Diego. Both hotels afford convenient access to Carlsbad’s famous beaches, shopping, golf, Legoland, the Flower Fields and other local attractions. The properties feature ocean views, relaxing outdoor pool areas, attractive meeting and event venues, robust amenities, and more.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge, and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
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