SEATTLE, WASHINGTON (May 13, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle office arranged financing in the amount of $32,500,000 for The Hideaway, and The Getaway hotels, both located in Carmel-by-the-Sea, California. Northmarq secured financing for the borrower, Timberlane Partners, via a debt fund that provided a 5-year, non-recourse, bridge loan for the acquisition.
“We are thrilled to close on the acquisition of these two special properties that will serve as an exciting addition to Timberlane’s growing portfolio of boutique, lifestyle branded hotel properties,” said Zach Gwin, Timberlane’s Director of Hospitality Investments. “Jake and his team at Northmarq were great partners on this transaction, securing attractive terms and ensuring a smooth closing process.”
The Hideway and The Getaway offer a combined 58 rooms in the heart of Carmel. Both properties are situated along Junipero Street, one of the main streets of the commercial core, on either side of Carmel Plaza, the City’s top shopping complex.
Carmel is one of the most exclusive “drive to” hospitality markets on the west coast. The beach town offers highly attractive hospitality fundamentals and nearby amenities including a spectacular coastline and the No. 1 rated Public Course in the country, Pebble Beach Golf Links.