August 16, 2017
CBRE Hotels’ debt and structured finance team arranged $62 million in financing for Las Alcobas Napa Valley, located at 1915 Main St. in St. Helena, CA. The property recently opened after a complete renovation and repositioning of its historical building, Acacia House, and the construction of six new buildings to form the luxury resort.
CBRE’s Marc Sallette and Olga Lepow in Houston secured the loan on behalf of the borrower, Sacramento-based Presidio Companies. The five-year, floating-rate, non-recourse bridge loan at 65% LTV was arranged to replace the construction loan and subordinate financing for the luxury hotel. Goldman Sachs Bank USA and an affiliate of Ohana Real Estate Investors served as the lenders.
Las Alcobas fronts the 200-acre Beringer vineyard in Napa Valley. The hotel features 68 guestrooms with outdoor terraces and vineyard views, 3,900 square feet of meeting space, outdoor heated swimming pool, and a 3,600-square-foot full-service spa.
For comments, questions or concerns, please contact Dennis Kaiser