Berkadia has successfully facilitated the refinancing of two prominent hotels in Carlsbad, California: Cape Rey Carlsbad Beach, a luxurious Hilton Resort & Spa; and Hilton Garden Inn Carlsbad Beach. The $92.5-million loan was secured by Berkadia’s managing director Scott Hall and senior director Aaron Lapping of the Hotels & Hospitality division through MetLife Investment Management on behalf of borrower Wave Crest Hotels and Resorts.
The five-year loan includes a unique provision for half-term interest-only payments and maintains a 65% loan-to-value ratio.
Both properties are well-positioned within coastal North County San Diego, making them highly desirable destinations for tourists. With 215 rooms at Cape Rey Carlsbad Beach – an AAA 4-Diamond resort – and 161 rooms at Hilton Garden Inn Carlsbad Beach, guests have easy access to local attractions such as beaches, shopping centers, golf courses, Legoland theme park,and the Flower Fields.
According to Hall,”Wave Crest’s exceptional management has solidified these hotels as premier options along the coveted coastline ofCarlsbad.”
