HFF has arranged a $60 million construction/permanent loan for Wave Crest Oceanfront, LLC, to develop the 215-room Hilton Carlsbad Oceanfront Resort & Spa in Carlsbad, CA.
Due for completion in mid-2012, the resort will include about 15,000 square feet of indoor and outdoor meeting space, as well as a spa and fitness center and oceanfront restaurant. The eight-acre site is located in Carlsbad’s southern Ponto region near the Hanover Beach Colony housing development.
"The successful financing for the Hilton Carlsbad Oceanfront Resort & Spa reflects recovering hospitality fundamentals coupled with the capital markets recognition of irreplaceable real estate and strong, proven sponsorship," said Tim Wright, senior managing director for HFF (Holliday Fenoglio Fowler, L.P.) who represented borrower Wave Crest Oceanfront along with associate director Zack Holderman to secure the loan through UBS Realty Investors.
Wave Crest Resorts and its affiliates have developed, owned and managed commercial properties in the North San Diego County coastal areas for 35 years, Wright noted.
Editor's Note: This article is excerpted from the current edition of In The Pipeline, CoStar Group's weekly column covering new development and construction.
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