The Casa Monica Resort & Spa, Autograph Collection—a luxury full-service hotel in St. Augustine, Fla.—recently secured $61 million in financing.
Washington, D.C.-based Berkadia Hotels & Hospitality secured the refinancing of the hotel through a bank loan on behalf of The Kessler Collection, based in Orlando, which owns and operates the hotel. The transaction—which closed on January 28—marks the second deal Berkadia has completed with Kessler in the last three months.
The Berkadia Hotels mortgage banking team was led by managing director Jennifer Dakin, senior director Lindsey deButts, associate director Katelyn Reynolds and analyst Jose Ison Cassab. The structure of the deal includes a renovation-focused holdback and completion guarantee.
“Casa Monica Resort & Spa is a premier example of the lifestyle, design-forward boutique hospitality assets that The Kessler Collection curates across the Southeast,” Dakin said in a statement. “Over the course of our relationship, we’ve functioned as a true extension of their team, thoughtfully advancing their capital strategy across multiple assets in their portfolio. We’re excited to have closed over $161 million in financings with the Kessler team and look forward to continuing to serve as their trusted capital markets advisor.”
Located on Cordova Street, the property is in the Historic District within walking distance of popular sites such as Flagler College, the Lightner Museum, Castillo de San Marcos and St. George Street. The hotel offers accommodations that are designed to blend vintage Moroccan charm with luxury amenities, complimentary Wi-Fi access and smart TVs. The hotel also features a full-service resort spa and an on-site Mediterranean restaurant.