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CARLSBAD, CA-The original owner and developer of a local Hilton has taken advantage of the favorable interest rates with a refinance of its property. In the transaction, Burnham Real Estate's Capital Markets Group arranged a $35.5-million permanent loan for the refinance of the Carlsbad Hilton Garden Inn.Jamie Dick, vice president with Burnham's Capital Markets Group, arranged the loan for Wave Crest Resorts LLC through an east coast institutional lender. More than 30 lenders were contacted for the deal, according to Dick, who adds that the deal is a non-recourse loan. Specific numbers on the loan were not released.Wave Crest Resorts developed the property five years ago. Dick says the outfit plans to hold the hotel as an investment.He tells Globest.com that the deal is a straight refinance and does not involve any improvements or repositioning of the 161-room property, which is located at 6450 Carlsbad Blvd. "The owners want to take advantage of the low interest rates," Dick says. "They've run it exceptionally well for five years and are simply looking to refinance."He adds that the Hilton brand name, the way the hotel's been run and a combination of business and tourist visitors has benefited the operation. "San Diego in general has been acknowledged as one of if not the top hotel market in the country and Carlsbad has been a very solid area for tourism."The success of the property, according to Dick is in part to its proximity to both the Palomar airport and the nearby office, industrial and biotech area. "The site gets much of its traffic from those business travelers," he says. Legoland is also in the area and accounts for much of the tourism traffic.The Carlsbad area received hotel interest last fall when Equity Inns Inc., the nation's third largest hotel REIT, entered California with its purchase of the local Marriott Courtyard. In the deal, the Memphis-based firm paid Huntington Hotel Group $22 million for the property.Under the terms of the Carlsbad deal, Equity Inns took over the five-year-old, 145-room property. Huntington Hotel Group will stay on as property manager on a three-year, performance-based management contract.