The partners arranged five-year floating-rate mortgage financing for the post-renovation financing of the Sheraton Keauhou Bay Resort & Spa. Despite ramping cash flows from a resort that had just been closed for two years to undergo a comprehensive $55 million renovation, Ownership was able to recoup much of the equity that had been invested in the property. The financing was further complicated by the terms of the leasehold interest held by the Borrower
The 22-acre oceanfront resort in Kailua-Kona features a full-service spa and fitness center, and more than 75,000 square feet of indoor and outdoor meeting space, the largest in Kona.
|Haberhill JV Brickman|