Deutsche Bank has provided $38 million in first mortgage leasehold financing for Marina del Rey Hotel, a 164-room, full service, boutique hotel in Marina del Rey, California, Real Estate Capital has learned.
The 10-year fixed-rate loan provided to borrower Pacifica Hotels was sized to a 10 percent debt yield with the hotel being fully operational for less than 12 months, and the loan is interest-only for its entire term. Sonnenblick-Eichner Company arranged the financing.
The three-story hotel underwent a $28 million renovation and reopened in January of 2015. Though the property had limited operating history, “the loan was fully funded at closing and did not require an earn-out provision,” said Patrick Brown, a principal at Sonnenblick-Eichner Company.
The hotel features 6,291 sq ft of meeting space, SALT Restaurant & Bar, a heated year-round infinity pool and spa, a marina view sundeck, business center, and a 24-hour fitness center. Marina del Rey is a seaside community just south of Santa Monica.
Earlier this month Deutsche Bank provided Related Companies and its partners with an $88 million construction loan for the development of 300 Lafayette Street in the SoHo district of Manhattan, Real Estate Capital has learned. Across the pond, the bank teamed up with Bank of China and Singapore’s United Overseas Bank to support the £600 million redevelopment of 60 Curzon Street in London’s Mayfair area.
In March the bank provided $232.5 million in acquisition financing to SW Management for the acquisition of two apartment buildings on Manhattan’s Upper East Side.