Newport Channel Inn

Transaction description

Jacob Lee and Thomas Rudinsky of PSRS arranged the $4,837,000 refinance of an independent limited-service hotel in Newport Beach, California. The subject property is a limited-service midscale boutique hotel containing 31 rooms that were constructed in 1962 and later renovated in 2013. The property has a very desirable location along PCH with ample amenities within walking distance and directly across the street is one of the most desirable beaches in Southern California. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a rate below 6.50%, a five-year loan term, and 30-year amortization.