LAGUNA BEACH, CA—Holliday Fenoglio Fowler, L.P. has secured a $21 million refinancing for The Inn at Laguna Beach, a 70-room, luxury, boutique hotel located along the Pacific Ocean.
HFF tells GlobeSt that it worked on behalf of the borrower, Grossman Company Properties, to secure the 15-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors LLC.
The HFF debt placement team representing the borrower was led by senior managing director Timothy Wright and managing director Scott Hall.
“The quality of the real estate, fundamentals of the local market and exceptional strength of sponsorship were key factors in driving attractive long-term financing for the Inn at Laguna Beach,” said Hall. “Grossman Company Properties' stewardship of this distinctive asset has positioned the hotel for continued success for many years to come.”
The Inn at Laguna Beach opened in 1990 and completed an extensive renovation in 2012. The oceanfront hotel features a complimentary wine reception each evening, 2,100 square feet of meeting space, outdoor pool, spa tub, handmade breakfast pastries from a local baker and the Pacific Terrace rooftop bar that overlooks the ocean. Located at 211 North Pacific Coast Highway, The Inn at Laguna Beach is situated on the northern end of Laguna's “Main Beach” in the heart of this coastal community. The hotel is within walking distance to the Laguna Art Museum, Main Beach Park, Heisler Park, Diver's Cove, Laguna Playhouse, and other shops and restaurants.
Grossman Company Properties, based in Phoenix, is a diversified real estate developer, owner and manager
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
