Berkadia refinanced two California 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 percent loan-to-value ratio.
“Wave Crest’s strong stewardship has fortified these hotels as premier destinations along Carlsbad’s highly desirable coastline,” Hall said in a statement.
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.