Portofino Hotel and Marina

Transaction description

Michael Thorp and Ari Zeen of PSRS arranged the $35 million refinance of the Portofino Hotel and Marina in Redondo Beach, California. The subject property is a 161-room, independent, hotel offering a full-service restaurant and lounge, a lobby bar, and an 181-slip full-service marina and fuel dock with a 19-unit apartment building and a marina shop that is hotel-operated. Financed with debt fund execution, PSRS provided its borrower a non-recourse loan, with a seven-year interest-only term. This was a structured loan consisting of both senior and mezzanine financing to allow the sponsor to refinance out of expensive short-term debt.