Updated Dec 4, 2024
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
Long Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Deal FAQ
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