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CARLSBAD, CALIF. — Berkadia has arranged $92.5 million in refinancing for two hotels in Carlsbad — Cape Rey Carlsbad Beach, a Hilton Resort & Spa and Hilton Garden Inn Carlsbad Beach. Scott Hall and Aaron Lapping of Berkadia Hotels & Hospitality secured the loan through MetLife Investment Management on behalf of the borrower, California-based Wave Crest Hotels and Resorts. The five-year loan features a half-term interest-only provision and a 65 percent loan-to-value ratio.
The 215-key Cape Rey Carlsbad Beach and the 161-key Hilton Garden Inn Carlsbad Beach both offer access to beaches, shopping, golf, Legoland and the Flower Fields. The hotels feature ocean views, outdoor pool areas and meeting and event venues.