Ramsfield originated a $24.8 million first mortgage loan for the purchase of the 160 room SeaCrest Oceanfront Hotel in Pismo Beach, CA. Despite the low in-place cash flows, Ramsfield saw the inherent value in the seven-plus acre ocean front property, one of the only properties in Pismo with direct access to the beach.
The loan proceeds allowed the purchaser to acquire and completely rehabilitate the family owned beach front property from a two star to a three star resort. Renovations on the property began immediately after closing and were separated into two phases to minimize disruption to guests during the hotel’s busy summer season. The first phase entailed a complete room re-design and FF&E upgrade and the second phase focused on upgrading the grounds and exterior of the resort.
Pismo Beach, CA
SeaCrest Hotel
$24,800,000 First Mortgage Loan
Ramsfield originated a $24.8 million first mortgage loan for the purchase of the 160 room SeaCrest Oceanfront Hotel in Pismo Beach, CA. Despite the low in-place cash flows, Ramsfield saw the inherent value in the seven-plus acre ocean front property, one of the only properties in Pismo with direct access to the beach.
The loan proceeds allowed the purchaser to acquire and completely rehabilitate the family owned beach front property from a two star to a three star resort. Renovations on the property began immediately after closing and were separated into two phases to minimize disruption to guests during the hotel’s busy summer season. The first phase entailed a complete room re-design and FF&E upgrade and the second phase focused on upgrading the grounds and exterior of the resort.
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