Berkadia successfully facilitated the refinancing of two prestigious hotels in Carlsbad: Cape Rey Carlsbad Beach, a luxurious Hilton Resort & Spa; and Hilton Garden Inn Carlsbad Beach. The managing director, Scott Hall, and senior director Aaron Lapping from Berkadia’s Hotels & Hospitality division secured a $92.5 million loan through MetLife Investment Management on behalf of the borrower, Wave Crest Hotels and Resorts based in California.
The five-year loan includes attractive terms such as a half-term interest-only provision and 65% loan-to-value ratio. These terms provide financial flexibility for the borrower while also minimizing risk.
Located in coastal North County San Diego, both hotels are strategically positioned to take advantage of their prime location near popular attractions such as beaches, shopping centers, golf courses,and Legoland. With 215 rooms at Cape Rey Carlsbad Beach (a AAA 4-Diamond resort) and 161 rooms at Hilton Garden Inn Carlsbad Beach,the properties offer guests an exceptional experience during their stay.
According to Hall,”Wave Crest’s exceptional management has solidified these hotels’ reputation as top destinations alongCarlsbads highly sought-after coastline.” This successful refinancing is a testament to Wave Crest’s commitment to maintaining these premier properties within one of Southern California’s most desirable locations.
