Sonnenblick-Eichner Co., on behalf of Ensemble Investments, has arranged $115 million in first mortgage debt to refinance a newly opened 155-room luxury waterfront hotel in Santa Cruz, Calif. The loan was originated by Madison Realty Capital, working with Newbond Holdings.
The five-year, floating-rate, non-recourse financing is secured by La Bahia Hotel & Spa.
La Bahia Hotel & Spa opened in September 2025 and delivers amenities including an indoor-outdoor spa, fitness center, outdoor pool and hot tub, three distinct dining concepts, the Pearl Champagne lobby bar and 13,720 square feet of state-of-the-art meeting and event space. The property’s unique positioning and the scarcity of comparable luxury hospitality offerings in Santa Cruz County create a distinct competitive advantage, according to David Sonnenblick, principal at Sonnenblick-Eichner.
“Madison Realty Capital, a seasoned hospitality lender, and Newbond were both drawn to the hotel’s irre
