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210 East Ocean Boulevard

Updated Dec 4, 2024

X-Caliber Funding And CastleGreen Finance Refinance Fairmont Breakers Hotel $122.2M
FINANCEDHotel

X-Caliber Funding And CastleGreen Finance Refinance Fairmont Breakers Hotel $122.2M

210 East Ocean Boulevard

$122,200,000

Building Size

Asset Type

Hotel

Closing

Feb 26, 2024

About this deal

AI

The Fairmont Breakers Hotel & Spa, located at 210 East Ocean Boulevard in Long Beach, is a 185-key hotel property. The property was refinanced with a loan amount of $122,200,000.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $122,200,000
  • Address: 210 East Ocean Boulevard
  • Market: Long Beach
  • Lender: Sal Tarsia - CastleGreen Finance; Chris Callahan - X-Caliber Funding
  • Landlord: John Molina - Pacific Enterprises
  • Loan Type: Refinance

X-Caliber Funding and CastleGreen Finance, led by Sal Tarsia and Chris Callahan, respectively, along with John Molina from Pacific Enterprises, have successfully refinanced the Fairmont Breakers Hotel & Spa in Long Beach. The financing of $122.2 million involved a unique approach that combined Historic Tax Credits and Commercial Property Assessed Clean Energy financing to enhance energy efficiency while preserving the historical significance of the property.

Players

CastleGreen Finance
CastleGreen FinanceLender

Long Beach Hotel Market Snapshot

Boundary boundary · Hotel · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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