Johnson Capital Arranges $6.1M Financing for Calif. Resort
Wednesday August 14th, 2013 - 9:36AM S
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PESCADERO, CA—Johnson Capital arranged a $6.1 million loan secured by a mixed-use resort property here.
The "eco-adventure" property, known as Costanoa, contains 52 guestrooms, 10 cabins, RV sites, an on-site restaurant, meeting space and other amenities.
Gary Braun, SVP at the firm’s Irvine, CA, office, led the deal.
The loan was provided by a regional credit union and has a 10-year term with a 30-year amortization schedule. During the first five years, the interest rate is fixed below 5%.
Costanoa is located on Highway 1 near the Ano Nuevo State Reserve 25 miles north of Santa Cruz and 17 miles south of Half Moon Bay, and is within driving distance of Silicon Valley.
Tags: • Hospitality • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.