Wednesday August 14th, 2013 - 9:36AM
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.