Goldman Sachs and Cantor Fitzgerald are securitizing the senior portion of $379 million commercial mortgage loan used to finance the purchase of Historic Ka’upulehu, a master-planned luxury resort community situated on a 724.9-acre site along Kohala Coast in Kailua-Kona on the Big Island of Hawaii.
The loan backing GSCCRE Commercial Mortgage Trust 2015-HULA is secured by a single hotel, a private club and undeveloped land. The total debt package includes a $33.9 million B-note and a $40.0 million C-note, which are not included in the trust.
The loan is interest only for the entire term with an initial term of two years and extension options that would result in a fully extended maturity date of seven years and has lona to value ratio based on the appraised value of the property of 47.5%
The Hotel component consists of the Four Seasons Resort Hualalai ( , a 243-key ultra-luxury resort hotel); the private club consist of the Hualalai Club operated by the Four Seasons; and the undeveloped land component consist of 55 acres of residential land within the larger 250-acre master-planned residential resort community.
MSD Capital, an investment vehicle for Michael Dell and family, acquired the property in June 2006 as part of a joint venture with Rockpoint Group.
DBRS and Fitch Ratings assigned preliminary 'AAA'/ 'AAA' ratings to the class A notes that are structured with 56% credit support; 'AA'/ 'AA-' ratings to the class B notes structured with 47.6% credit support; 'A'/ 'A-'ratings to the class C notes that are structured with 41.3% credit support; 'BBB'/ 'BBB-' ratings to the class D notes that are structured with 31.6% credit support; 'BB/ 'BB-' ratings to the class E note that are structured with 17% credit support and 'B'/ 'B-' ratings to the class F notes.