 |
| Olga Walsh |
SAN DIEGO, CA – JLL’s Capital
Markets group has arranged a $265 million refinancing for a 387-key,
master-planned beach resort in Oceanside in North County San Diego, California.
The resort includes the 161-key Mission
Pacific boutique hotel and The Seabird Resort, a 226-key full-service
resort.
 |
| Timothy Wright |
JLL represented the borrower, S.D. Malkin
Properties, to secure the floating-rate, interest-only loan through ACORE
Capital.
The new loan will provide cost savings, term and flexibility for the
sponsor.
“The financing is a great validation of
the bespoke hotels that have been created and Oceanside’s rising ‘cool
factor’,” said Jeremy Cohen, Senior Vice President of S.D. Malkin
Properties.
“The Mission Pacific and The Seabird
hotels are very high-quality assets in an up-and-coming market in Oceanside,
California,” added Kyle Jeffers, Senior Managing Director and Co-Head of
Originations at ACORE Capital.
“The S.D. Malkin Properties team is a
world class sponsor, and we are honored to work with them and JLL on the
financing.”
 |
| Jeremy D. Cohen |
The JLL Capital Markets team
representing the borrower was led by Senior Managing Director Timothy Wright
and Director Olga Walsh in coordination with the JLL Hotels &
Hospitality team.
“We are very excited to have been a part of the capitalization on
this iconic waterfront property, which is transforming North San Diego County
and providing a valuable complement to the SoCal hospitality offering,” said
Wright.
“The capital markets responded well to
the opportunity to finance this prime asset for a strong sponsorship group,
which resulted in a competitive marketing process and ultimately favorable
terms for our client,” added Walsh.
Completed in May 2021, the adjacent
world-class design-oriented hotels are located on a premier 2.75-acre,
two-block site spanning 700 feet of beachfront real estate.
 |
| Kyle Jeffers |
Operated by Hyatt, both hotels offer
ocean views, direct beach access, an entire ecosystem of food and beverage
experiences, interior meeting and function space, two pools with views of the
Pacific, and access to some of the best surfing on the California coast.
The site also features the historic 1887
beach cottage featured in the Top Gun movie, which will open
soon as a nostalgic dessert bar.
Mission Pacific and Seabird have easy
access to the historic Oceanside Pier and downtown cultural
attractions, such as the Oceanside Museum of Art and the
California Surf Museum.
They play an important role in continuing the transformation of
downtown Oceanside into the iconic destination that it once was in
the early 20th century.
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| 161 key Mission Pacific boutique hotel, Oceanside, CA |
The hotels are located four minutes from
Interstate 5, connecting the properties with local and regional guests
throughout San Diego, Orange, Riverside and Los Angeles counties.
Amtrak’s Surfliner and Metrolink with
links to Los Angeles and Orange County are less than two blocks away.
 |
| The Seabird Resort, 226 key hotel, Oceanside, CA |
The properties’ beach front location is a
significant barrier-to-entry given strict zoning constraints and the lack of
entitled and developable oceanfront land in Southern California.
The hotels are further bolstered by the
strong lodging market fundamentals in San Diego.
For more news, videos and research resources on
JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc.
("JLL") is a real estate broker licensed with the California
Department of Real Estate, license #01223413.
Contact:
Cierra Lacasse
JLL Associate
Public Relations
Phone: +1 602 648 8701
Email: Cierra.Lacasse@am.jll.com
www.acorecapital.com.
jll.com.
