Refinancing of $265 million was recently arranged for a 387-key master-planned beach resort in Oceanside. The resort includes the 161-key Mission Pacific boutique hotel and The Seabird Resort, a 226-key full-service resort.

JLL represented the borrower, S.D. Malkin Properties, to secure the floating-rate interest-only loan through ACORE Capital. The JLL team has been involved with the project since inception and arranged construction financing for the resort in 2018.

“The Mission Pacific and The Seabird hotels are very high-quality assets in an up-and-coming market in Oceanside,” added Kyle Jeffers, senior managing director and co-head of originations at ACORE Capital.

Proceeds from this refinance were used to retire the construction facility including a significant mezzanine loan. The new loan will provide cost savings, term and flexibility for the sponsor.

“The financing is a great validation of the bespoke hotels that have been created and Oceanside’s rising cool factor,” said Jeremy Cohen, senior vice president of S.D. Malkin Properties.

Completed in May 2021, the adjacent hotels are located on a 2.75-acre two-block site spanning 700 feet of beachfront real estate.