JLL’s Capital Markets group recently announced that it has arranged a $265 million refinancing for a 387-key, master-planned beach resort in Oceanside in North County San Diego. The resort includes the 161-key Mission Pacific boutique hotel and The Seabird Resort, a 226-key full-service resort.
JLL represented the borrower, S.D. Malkin Properties, to secure the floating-rate, interest-only loan through ACORE Capital. The JLL team has been involved with the project since inception and arranged construction financing for the resort in 2018. Proceeds from this refinance were used to retire that construction facility, including a significant mezzanine loan. The new loan will provide cost savings, term and flexibility for the sponsor.
“The Mission Pacific and The Seabird hotels are very high-quality assets in an up-and-coming market in Oceanside, California,” says Kyle Jeffers, senior managing director and co-head of originations at ACORE Capital. “The S.D. Malkin P
