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Brad Honigfeld Of Briad Group Secures $40M C-PACE Loan For AC Hotel In San Diego

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FINANCED
$40,000,000

California

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Hotel
Financed 06/21/2024
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FINANCED

Brad Honigfeld Of Briad Group Secures $40M C-PACE Loan For AC Hotel In San Diego

743 Fifth Avenue

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Hotel
Financed 06/21/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Hotel
Transaction Type:Loan

The AC Hotel San Diego Downtown Gaslamp Quarter, located at 743 Fifth Avenue in San Diego, is a 147-key hotel. The property was refinanced for $40,000,000 by Peachtree Group, with Briad Group as the landlord.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $40,000,000
  • Asset Type: Hotel
  • Address: 743 Fifth Avenue - AC Hotel San Diego Downtown Gaslamp Quarter
  • Market: San Diego
  • Lender: Jared Schlosser - Peachtree Group
  • Landlord: Brad Honigfeld - Briad Group
  • Loan Type: Refinance

Jared Schlosser from Peachtree Group provided $40 million in retroactive Commercial Property Assessed Clean Energy (C-PACE) financing to Briad Group for the AC Hotel San Diego Downtown Gaslamp Quarter. The financing will help reduce a senior construction loan, providing cash flow relief and enhancing the hotel's operations and profitability in the competitive San Diego market.

Players

Peachtree Group
Peachtree Group
LENDER

Details

FINANCED
IMAGE: Jared Schlosser & Brad Honigfeld DATE: 06/21/2024 ADDRESS: 743 Fifth Avenue - AC Hotel San Diego Downtown Gaslamp Quarter MARKET: San Diego ASSET TYPE: Hotel ~ KEYS: 147 LENDER: Jared Schlosser - Peachtree Group LANDLORD: Brad Honigfeld - Briad Group LOAN AMOUNT: $40,000,000 LOAN TYPE: Refinance NOTE: Briad Group, based in New Jersey, secured $40 million in retroactive Commercial Property Assessed Clean Energy (C-PACE) financing through Peachtree Group to refinance its recently opened AC Hotel San Diego Downtown Gaslamp Quarter. The funds will significantly reduce a senior construction loan and provide cash flow relief amid rising interest rates, allowing Briad to navigate financial challenges and enhance the hotel's operations and profitability in the competitive San Diego market.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$40,000,000.00

Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00