Berkadia arranged the refinancing of two hotels: Cape Rey Carlsbad Beach, a Hilton Resort & Spa; and Hilton Garden Inn Carlsbad Beach, both located in Carlsbad. 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 five-year loan featured a half-term interest-only provision and a 65% loan-to-value ratio.
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 provide access to Carlsbad’s beaches, shopping, golf, Legoland, the Flower Fields and other local attractions.
“Wave Crest’s strong stewardship has fortified these hotels as premier destinations along Carlsbad’s highly desirable coastline,” said Hall.
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