Mack Real Estate Lends $78M on Newport Beach Hotel Acquisition
By Cathy Cunningham July 16, 2018 11:05 am
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Mack Real Estate Credit Strategies has provided a $78 million, five-year loan to finance Woodridge Capital Partners’ acquisition of the leasehold interest in the Hyatt Regency Newport Beach in Newport Beach, Calif., Commercial Observer has learned.
L.A.-based Woodridge will continue hotel operations during the term of the loan and simultaneously is exploring alternatives for the property’s redevelopment, sources said.
The property’s acquisition price couldn’t immediately be determined.
Located at 1107 Jamboree Road, the Hyatt Regency Newport Beach is a 26-acre, 410-key coastal luxury hotel property spread across four buildings, including four private three-bedroom villas. It includes 43,000 square feet of indoor and outdoor meeting space, a restaurant, a 24-hour fitness center, three outdoor pools, an outdoor tennis court and a 9-hole golf course.
Woodridge Capital Partners is also hard at work on the $2.5 billion redevelopment of L.A.’s Century Plaza hotel, under the Fairmont Hotels flag. The developer broke ground on the 400-room hotel property—which will include 93,000 square feet of commercial space and 63 condominiums on its upper floors—in December 2016. The project will also include two 46-story, luxury residential towers and reopen as the Fairmont Century Plaza Los Angeles in 2019, according to Fairmont’s website.
The dog days of summer aren’t impacting Mack’s lending activities, either. Only last week, the lender contributed a $20.5 million mezzanine loan in Sioni Group’s $105 million purchase of 240 West 40th Street in Manhattan’s Garment District.
Officials at Mack Real Estate declined to comment. Officials at Woodridge could not be reached by press time.
