MetLife Provides $92.5 Million Refinance Loan To Wave Crest Hotels And Resorts In Carlsbad
FINANCED
$92,500,000
California
See Similar DealsHotel673,760 SF
Financed 10/08/2024
FINANCED
MetLife Provides $92.5 Million Refinance Loan To Wave Crest Hotels And Resorts In Carlsbad
1 Ponto Road & 6450 Carlsbad Boulevard
See Similar DealsHotel673,760 SF
Financed 10/08/2024
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$137
Total Square Footage:673,760 SF
Transaction Type:Loan
The transaction involves a hotel asset located at 1 Ponto Road and 6450 Carlsbad Boulevard in the Carlsbad market. The total square footage of the property is 336,880, with a loan amount of $92,500,000 secured by MetLife under a refinance loan type. The property has 376 keys and operates under the ownership of Wave Crest Hotels and Resorts.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $92,500,000
- Loan Type: Refinance
- Loan Terms: 5 Year Term / 65% LTV
- Lender: MetLife
- Landlord: Wave Crest Hotels and Resorts
- Brokers: Scott Hall & Aaron Lapping - Berkadia
The deal features prominent brokers Scott Hall and Aaron Lapping representing the transaction, facilitating the refinance process for the hotel asset in Carlsbad. Their involvement is key to the successful navigation of the financing arrangements for Wave Crest Hotels and Resorts.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$92,500,000.00
Monthly NOI$616,666.67
Monthly Debt Service$584,662.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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