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1/11/23
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Woodside Hotel Group has obtained $26.75 mil of non-cross collateralized, fixed-rate, first mortgage financing on two hotel properties -- the Lafayette Park Hotel & Spa and The Lodge at Bodega Bay, located in Lafayette and Bodega Bay, CA respectively.
The $15 mil loan on the Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 mil of capital to renovate the guestrooms. Proceeds from the $11.75 mil loan on The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity.
The financing was arranged by Sonnenblick-Eichner Company. Both long-term, 10-year fixed-rate loans are non-recourse and were funded by a life insurance company.
Located on the “Highway 24" corridor in San Francisco’s East Bay suburb of Lafayette, the Lafayette Park Hotel & Spa is a full-service hotel offering 138 guestrooms. The city of Lafayette is considered the urban hub of the region, with more than 14 msf of commercial office space located within seven miles of the property.
The Lodge at Bodega Bay is located on the renowned Sonoma County coastline of Bodega Bay. Offering unobstructed panoramic views of Bodega Bay and the Pacific Ocean, this full-service, boutique resort offers 83 guestrooms, with amenities including Drakes Sonoma Coast fine dining restaurant and Fireside Lounge, 6.3k sf of indoor and outdoor meeting space and the Sonoma Coast Spa and Fitness Center.
The properties are both members of the Woodside Collection and are owned and operated by Woodside Hotel Group Ltd, a second-generation family company that has established itself as a preeminent owner/operator of distinguished, independent hotels, restaurants and spas in northern California.
“We had tremendous interest in this financing opportunity from both Life Companies and CMBS lenders,” said Sonnenblick-Eichner Senior Managing Director, Todd Bedingfield. “Our client ultimately decided on a Life Company execution primarily due to the ability to lock rate at application.”
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