ParkSide Real Estate Capital secures $62,500,000 Financing for LaPlaya Beach & Golf Resort in Naples, FL.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- ParkSide Real Estate Capital is pleased to announce the successful closing of a $62,500,000 refinancing for LaPlaya Beach & Golf Resort, a 189 Room Boutique Resort located in Naples, FL. The 10 Year Term CMBS CMBS See: Commercial Mortgage Backed Securities Financing with a 28 Year Amortization Schedule was secured by a First Mortgage Lien on the Resort property and carried a coupon of 113 bps over the prevailing 10 Year Treasury yield. "With a $51,000,000 extensive renovation and expansion the property reopened in 2002 to achieve a current ADR ADR - Astra Digital Radio of over $ 250 and average Occupancy exceeding 70%" said Sukhbir Singh Benipal, President of ParkSide Real Estate Capital "The $62,500,000 Financing allowed the Borrower to pay off existing debt held with a local Bank and take substantial equity out of the property" About LaPlaya Beach & Golf Resort LaPlaya Beach & Golf Resort, a Noble House Hotel is a 189-room boutique resort located directly on the picturesque Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The resort features an all new championship Bob Cupp designed golf course, 11,000 square feet of function space, the Baleen baleen: see whale. Restaurant, fitness center and a full-service boutique spa, SpaTerre. LaPlaya Beach & Golf Resort has been named to the Conde Nast Traveler 'Gold List' and 'Reader's Choice List' as well as the Travel + Leisure 'Top 500.' Visit www.laplayaresort.com for bookings and more information. About Noble House Hotels & Resorts Noble House Hotels & Resorts is a privately held Hotel Management and Development Company based in Seattle, WA. The company owns and manages 12 Boutique Hotels Boutique hotel is a term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. and Resorts. Founded in 1980, the Noble House collection includes such renowned properties as The Adolphus in Dallas, TX; Little Palm Island Resort & Spa in the Florida Keys Florida Keys, chain of coral and limestone islands and reefs, c.150 mi (240 km) long, extending from Virginia Key, S of Miami Beach, to Key West, and forming the southern extremity of Florida. and The Edgewater in Seattle, WA. For more information, visit www.noblehousehotels.com About ParkSide Real Estate Capital ParkSide Real Estate Capital is a full service Commercial Mortgage Firm providing Financing for a variety of Income Producing Commercial Real Estate and Hotel Properties nationwide through its CMBS Lending Programs and offers Institutional Placements as well as Mezzanine, Bridge and Construction Loans. For more information about ParkSide's Lending Programs call (212) 579-8500 or visit http://www.parksidecapital.com |
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