Berkadia closed $170 million in financing for the Great Wolf Lodge in Garden Grove, California.
Senior Managing Director Andrew Coleman and Director Mauricio Rodriguez of Berkadia’s Hotels & Hospitality Group facilitated the deal on behalf of Colorado-based McWhinney.
The loan was closed with Wells Fargo and was structured as a 10-year fixed rate, full term, interest only loan through Wells Fargo’s CMBS platform. It is the first 10-year fixed rate loan ever closed on this asset type.
“The Great Wolf Lodge is an incredibly unique family hospitality property and this location in particular has a been a strong performer an in-demand region since its inception in 2016,” said Coleman. “We were excited to partner with McWhinney and to work with Wells Fargo to find the right financing solution to meet the needs of all involved.”
“This was a complex deal given the uniqueness of this asset, the capital structure desired and our goal to go long term with a focus on rate and proceeds,” said Josh Kane, SVP of Finance, McWhinney.
“We are very pleased at what we were able to achieve with the help of the Berkadia and look forward to partnering with the team on future opportunities.”
The nine-story water park resort, the company’s biggest at 105,000 s/f, is situated on 12 acres two miles from Disneyland and the Anaheim Convention Center.
Berkadia closes Great Wolf financing
