Press Release brought to you by HFF

$13.33 million refinancing for Lake Tahoe boutique resort hotel secured by HFF

07/30/2015

IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $13.33 million refinancing for the Beach Retreat & Lodge, a 262-room, lakefront, boutique resort hotel located in South Lake Tahoe, California.

HFF worked on behalf of the borrower’s sponsor, Urbana Realty Advisors, to secure the three-year, floating-rate loan through CapitalSource, a division of Pacific Western Bank.  Loan proceeds will be used to refinance existing debt and provide funds for additional minor capital improvements. 

Beach Retreat & Lodge consists of five buildings and features 500 linear feet of beach front on Lake Tahoe, the largest alpine lake in the U.S.  The hotel has an outdoor heated pool, 24-hour fitness center, outdoor games and activities, full-sized beach volleyball court and The Beach Club with cabanas, lounge chairs and menu service on the beach.  Guests have two dining options, The Tavern at Tahoe and The Boathouse, which is located on the longest pier in Lake Tahoe.  Additionally, through an on-site marine operator, guests can rent boats, jet skis and kayaks.  Renovated in 2012 through 2014, the hotel has completed upgrades to guest rooms, the lobby and restaurant space; constructed an outdoor fire pit and patio area; and completed the Beach Retreat Conference Center, which has in excess of 4,000 square feet of flexible meeting and event space with on-site catering and state-of-the-art technology.  Situated on seven acres at 3411 South Lake Tahoe Boulevard, the hotel is approximately four miles from Lake Tahoe Airport and is 189 miles east of San Francisco and 35 miles west of Reno, Nevada.

The HFF debt placement team representing the borrower was led by managing director James Fowler and director Chip Sykes.

“Urbana had completed a significant amount of the property renovation when we were asked to procure debt financing,” Fowler said.  “As a result, the property is already seeing the benefit, with strong bookings through the early summer months.  These two factors, along with a great lender in CapitalSource, helped facilitate a smooth execution.”

About Urbana Realty Advisors

Urbana Realty Advisors’ (Urbana) focus is the acquisition and value-added redevelopment of existing Class A commercial real estate properties across the United States.  Urbana actively pursues both the development of strategically-located commercial sites and the value-added redevelopment of existing commercial properties that are in need of renovation, repositioning, and/or wholesale re-adaptation.  While the strategy pursued with each property may differ, the firm’s investment approach is uniform:  Underwrite each prospective investment conservatively in order to minimize downside risk and maximize profitability for both the firm and its investment partners.  For more information, visit urbanaholdings.com.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

07/30/2015 - 16:45

Source

HFF

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