$30,000,000 Mezzanine Loan
Ramsfield originated a $30 million mezzanine loan behind an existing $50 million first mortgage loan from a Puerto Rican banking consortium to fund the renovation of the El San Juan Hotel, a 388-room iconic hotel on over 500 linear feet of pristine beach in Isla Verde. The loan is Ramsfield’s first investment in the Caribbean.
Ramsfield’s experience in destination resorts and lifestyle hotels enabled us to quickly underwrite the opportunity while understanding the risks involved with repositioning such an asset. A shared belief in the borrower’s vision and complete understanding of the economic concerns in Puerto Rico allowed Ramsfield to provide the necessary capital to help the borrower reach their well-conceived goals.
The historic Resort is located on twelve oceanfront acres and is conveniently located less than three miles from the San Juan International Airport. Opened in 1957 by Pan American Airlines, the Resort quickly became a destination for glamor and entertainment. Ramsfield’s investment enables the borrower to complete a substantive renovation and repositioning that returns the Resort to its former splendor. Learn more about the property.