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Hardage Hospitality Secures $88.5 Million Refinance Loan From Beach Point Capital For Marina Del Rey Hotel

Property Image
FINANCED
$88,500,000

California

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Hotel
Financed 11/22/2024
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Property Image
FINANCED

Hardage Hospitality Secures $88.5 Million Refinance Loan From Beach Point Capital For Marina Del Rey Hotel

4360 Vía Marina

See Similar Deals
Hotel
Financed 11/22/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Hotel
Transaction Type:Loan

The transaction involved the refinancing of a hotel property located at 4360 Vía Marina in Marina del Rey. The asset is a dual-branded Marriott comprised of the Courtyard and Residence Inn, featuring a total of 288 keys. This hotel was built in 2021, and the total loan amount secured for this refinance is $88.5 million.

Summary of transation details:

  • Property Type: Hotel
  • Transaction Amount: $88,500,000
  • Lender: Andrew Chen - Beach Point Capital Management
  • Landlord: Samuel A. Hardage - Hardage Hospitality
  • Broker: CBRE
  • Loan Type: Refinance

Hardage Hospitality secured the floating-rate loan from Beach Point Capital Management to facilitate the refinancing. CBRE represented Hardage in this transaction, ensuring a smooth process for the 288-key hotel property involved in the deal.

Players

CBRE
CBRE
BROKERAGE
Beach Point Capital Management
Beach Point Capital Management
LENDER

Details

FINANCED
IMAGE: Andrew Chen & Samuel A. Hardage DATE: 11/22/2024 ADDRESS: 4360 Vía Marina MARKET: Marina del Rey ASSET TYPE: Hotel ~ KEYS: 288 LENDER: Andrew Chen - Beach Point Capital Management LANDLORD: Samuel A. Hardage - Hardage Hospitality BROKER: CBRE (@CBRE) LOAN AMOUNT: $88,500,000 LOAN TYPE: Refinance NOTE: Hardage Hospitality secured an $88.5 million floating-rate loan from Beach Point Capital Management to refinance the dual-branded Courtyard & Residence Inn Marina Del Rey. CBRE represented Hardage in the deal, which refinances the 288-key Marriott property built in 2021.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$88,500,000.00

Monthly NOI$590,000.00
Monthly Debt Service$559,380.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00