The 10 Year Term CMBS Financing with a 28 Year Amortization Schedule was secured by a First Mortgage Lien on the Resort property and carried a coupon of 113 bps over the prevailing 10 Year Treasury yield.
"With a $51,000,000 extensive renovation and expansion the property reopened in 2002 to achieve a current ADR of over $ 250 and average Occupancy exceeding 70%" said Sukhbir Singh Benipal, President of ParkSide Real Estate Capital "The $62,500,000 Financing allowed the Borrower to pay off existing debt held with a local Bank and take substantial equity out of the property"
About LaPlaya Beach & Golf Resort
LaPlaya Beach & Golf Resort, a Noble House Hotel is a 189-room boutique resort located directly on the picturesque Gulf of Mexico. The resort features an all new championship Bob Cupp designed golf course, 11,000 square feet of function space, the Baleen Restaurant, fitness center and a full-service boutique spa, SpaTerre.
LaPlaya Beach & Golf Resort has been named to the Conde Nast Traveler 'Gold List' and 'Reader's Choice List' as well as the Travel + Leisure 'Top 500.'
Visit www.laplayaresort.com for bookings and more information.
About Noble House Hotels & Resorts
Noble House Hotels & Resorts is a privately held Hotel Management and Development Company based in Seattle, WA. The company owns and manages 12 Boutique Hotels and Resorts. Founded in 1980, the Noble House collection includes such renowned properties as The Adolphus in Dallas, TX; Little Palm Island Resort & Spa in the Florida Keys and The Edgewater in Seattle, WA.
For more information, visit www.noblehousehotels.com
About ParkSide Real Estate Capital
ParkSide Real Estate Capital is a full service Commercial Mortgage Firm providing Financing for a variety of Income Producing Commercial Real Estate and Hotel Properties nationwide through its CMBS Lending Programs and offers Institutional Placements as well as Mezzanine, Bridge and Construction Loans.
For more information about ParkSide's Lending Programs call (212) 579-8500 or visit http://www.parksidecapital.com