The Wave Hotel
Capital Raise Amount: $5,500,000
Financing: Bridge Loan
Landmark Capital is pleased to announce the successful closing of a $5,500,000 bridge loan in Dana Point, CA. The loan proceeds were used to refinance a maturing land loan and bridge the gap to construction on a site that is entitled for a 57-room hotel with a 50-bed hostel and a 4,500 square foot restaurant.
Landmark Capital identified a lender with the ability to close in 3 weeks with experience in unimproved land as collateral as well as the potential to provide follow on construction financing. The bridge loan was interest only at LIBOR plus 550 bps for the 12-month term.