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California  + Bay Area  + Hospitality  |  June 15, 2026
Paul Bubny
By: Paul Bubny

Newly Opened Santa Cruz Luxury Hotel Refinanced for $115M

Sonnenblick-Eichner Company, on behalf of Ensemble Investments, LLC, has arranged $115 million in first mortgage debt to refinance a newly opened 155-key luxury waterfront hotel in Santa Cruz. The loan was originated by Madison Realty Capital, working with Newbond Holdings.

The five-year, floating-rate, non-recourse financing is secured by La Bahia Hotel & Spa, which opened in September 2025 and delivers a full complement of upscale resort amenities. The property’s unique positioning and the scarcity of comparable luxury hospitality offerings in Santa Cruz County create a distinct competitive advantage, Sonnenblick-Eichner principal David Sonnenblick said.

“Madison Realty Capital, a seasoned hospitality lender, and Newbond were both drawn to the hotel’s irreplaceable location, exceptional barriers to entry, and its potential to be among the most successful beachfront properties in Northern California,” said Sonnenblick. Madison, Newbond and Sonnenblick-Eichner also recently arranged $110 million to refinance the Hotel Nia, a 250-room, full-service luxury property in nearby Menlo Park.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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